Prices of diesel and Liquefied Petroleum Gas (LPG) are expected to go up by 1 and 4 percent respectively from Saturday, September 16, 2023, the Institute for Energy Security (IES) has projected.
However, the price of petrol is likely to remain unchanged during the second pricing window.
“The impending increases are coming on the back of an increase in international market price of gasoil by 3.33% and LPG by 2.95%, coupled by a 0.97% depreciation of the Ghana cedi against the U.S. dollar on the foreign exchange market. By range, gasoil and LPG prices are expected to go up by 1% to 4% for the next two weeks ending September 2023”.
On Ghana cedi performance, the IES Economic Desk’s analysis of the local currency data for the period on the foreign exchange (forex) market indicate the Ghana cedi depreciated by 0.97% after it traded against the U.S. dollar at ¢11.50 from a previous ¢11.39 at end of trade period under review.
Again, Brent crude price rose above $90 per barrel last week and continued into this week, reaching its highest level in ten months. This comes after Saudi Arabia and Russia announced an extension of their production and export limits of one million barrels per day (bpd) and 300,000 bpd, respectively, through the end of 2023.
Local fuel market performance
Monitored on a daily rolling basis, the price of liquid petroleum fuels on the Ghanaian market recorded mix reactions from Oil Marketing Companies (OMCs).
Whereas some OMCs maintained prices, marginal increases were recorded among others in the first pricing-window of September 2023. The increment averaged at ¢0.05 for diesel and ¢0.02 for diesel on the downstream petroleum market. Also, towards the end of the pricing-window under review, the IES monitoring of the market revealed some OMCs run short of liquid fuels at some outlets visited