The Institute for Energy Security (IES), in its first pricing-window for March 2024, has projected marginal price hikes for gasoil, gasoline, and liquefied petroleum gas (LPG), largely due to the worsened Ghana Cedi.

�Following the continuous price hikes recorded by all refined petroleum products under consideration on the world fuels market in the past 2 weeks, the local market is likely to reflect these changes. Given the Ghana Cedi�s poor performance, coupled with the rising prices of petroleum products on world fuels market, IES expects prices to increase marginally in the early days in the month of March,� the energy watchdog said in a statement dated March 1, 2024.

�Barring any intervention, in the coming days, consumers should expect further marginal increases in the price of Gasoil, Gasoline and LPG, this is largely due to the worsened Ghana Cedi,� it added.

According to IES, the second pricing-window of February saw the price of petroleum products surge at the pumps in line with projections on the local fuel market in Ghana.

Also, the Global Standard & Poor�s (S&P) Platts platform tracking of refined petroleum price data recorded an increment in price per metric tonne performance for Gasoil, Gasoline, and Liquefied Petroleum Gas (LPG) as $871.75, $840.43, and $599.48, respectively, at the close of trade on February 26.

The net price effects realized because of the change indicate a 1.56%, 3.24%, and 2.92% increase for Gasoline, Gasoline, and Liquefied Petroleum Gas, respectively.

Meanwhile, the IES Economic Desk monitoring of Ghana Cedi�s performance on the foreign exchange (Forex) market indicates the local currency depreciation has continued decreasing in value by about 1.44% to a U.S. Dollar. As at the close of trade on 26th February 2024, the Ghana Cedi was exchanged at GHC12.60 to a dollar.

Source - 3News

Meet the Author

View Profile

---

Afedzi Agyapong Mensah

Content Creator, Web Developer, Cyber Security Expert, IT Management - Software and Database

follow me