The Institute for Energy Security(IES) has projected a marginal rise in fuel prices from February 1, 2024.
The Institute for Energy Security (IES) has anticipated a slight uptick in fuel costs starting from February 1, 2024. This increment is primarily attributed to a marginal surge in the prices of refined petroleum products and the devaluation of the Ghanaian cedi. Projections suggest that a 2% increase in both petrol and Liquefied Petroleum Gas (LPG) prices, while diesel might also experience a 3% rise.
Consumers visiting fuel stations in the upcoming days are likely to observe the new changes, including a 2% hike in Gasoline (petrol) prices, a 3% elevation in Gasoline (diesel) costs, and also a 2% uptick in LPG prices. The Institute for Energy Security also emphasizes that these changes are influenced by the combined effects of the depreciation of the Ghanaian cedi and the ascending international market prices for these petroleum products.
During the second pricing window of January 2024, diesel showed relative stability, with prices remaining unchanged in the initial week. However, a few Oil Marketing Companies (OMCs) adjusted petrol prices downwards by an average of GH¢0.11 per litre during the second week. Diesel and LPG prices, on the other hand, were not affected.
The average prices of petroleum products in Ghana were reported as GH¢11.82 per liter for petrol, GH¢12.74 per liter for diesel, and GH¢13 per kilogram for LPG as well. On the global market, there was a recorded price increment for refined petroleum products as of January 26, 2024. Petrol closed trade at $800.84 per metric tonne while, diesel traded at $807.14 per metric tonne, and LPG as well traded at $535.41 per metric tonne during the second pricing window for January 2024. A comparative analysis indicates an increase of 2.93%, 4.79%, and 2.44% for petrol, diesel, and LPG, respectively.
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