If the government doesn't step in, the cost of gasoline at the pump would increase by 5% to 9% starting on January 16, 2023.
The cost of petroleum products will rise for the first time in a month.
The Institute for Energy Security (IES) asserts that the increase in petroleum product prices on the global market and the devaluation of the cedi are the causes of the anticipated spike in gasoline costs.
"The Institute for Energy Security (IES) projects an increase in price for products at the various retailers following the 8.69% increase in the price of gasoline (petrol) and the 2.19% increase in the price of LPG (liquefied petroleum gas), as well as the 9.89% depreciation of the local currency against the US dollar.
Thus, a litre of gasoline will cost around $13.50, while a litre of diesel would cost $15.00. LPG will also sell for 11.00 per kilogramme.
The huge depreciation of the cedi will offset the little drop in the price of gasoil on the global market of 0.68%, increasing the price of the product locally at different Oil Marketing Prices (OMCs) pumps. A litre of gasoline (also known as "petrol") would likely cost between Gh13.50 and Gh15.00 in the second part of January 2023, while a kilogramme of LPG will cost between Gh11.00 and Gh11.00.
January 2023 will see the first price window.
On the domestic fuel market, the first pricing window for January 2023, prices decreased. The IES tracked price changes at several OMCs outlets. The decline in prices on the global market and the little appreciation of the Ghana cedi were the main causes of this.
The price decreases throughout the pricing window put the national average price per litre of gasoline at $12.38, down from $12.68, which is a decrease of 2.37% for the time period. The national average price of diesel decreased by around 7.72% throughout this time, from $15.55 to $14.35 per litre.
The 10.29 per kilogramme nationwide average price of LPG as tracked by several LPGMCs.
Price of Brent crude rises
From an average price of $85.20 per barrel to roughly $81.72 per barrel on average, or a 4.80% decrease in price, was the drop in the benchmark Brent crude oil price.
Despite the intense uncertainty surrounding China's oil consumption, the positive inflation numbers in the U.S. have helped to support Brent crude prices in the just finished period.
Oil prices fell to roughly $77 per barrel from highs of $85 per barrel because to market uncertainty, particularly with reference to the timing of China's demand rebound as it departs from its zero-Covid-19 policy.
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