Fuel prices may remain unchanged due to cedi depreciation – IES
Despite the reduction in global prices of finished petroleum products, the prices of such products in Ghana may remain unchanged for the next two weeks.
This is due to the recent decline in the value of the Ghana cedi against the US dollar, which may offset the expected reduction in fuel prices.
The Institute for Energy Security (IES) has projected petroleum prices for the current pricing window, stating that the Ghana cedi lost about 3.98% of its value against the US dollar over the last two weeks.
“Prices of all petroleum products monitored by the Institute for Energy Security (IES) on the international market fell, alongside the price of Brent crude over the last two weeks. Price of Gasoline [petrol], Gasoil [diesel] and Liquefied Petroleum Gas (LPG) fell by 3.56%, 3.69% and 2.37% respectively, over the period. On the domestic front, the Ghana cedi lost a value of roughly 3.98% against the US dollar, as monitored on the foreign exchange market”, it stated.
Meanwhile, the prices of gasoline, diesel, and LPG monitored by the IES on the international market fell by 3.56%, 3.69%, and 2.37%, respectively.
During the just-ended pricing window, fuel prices increased marginally, while crude oil prices traded lower at $83.3 per barrel for Brent crude at the end of the window, weighed down by concerns about demand amid economic growth worries.
In response to rising international commodities prices, domestic petroleum products prices made some recoveries at the pump in the second pricing window for April 2023.
as However, the national average price per liter for petrol increased to ¢12.76p, diesel to ¢12.86p, and LPG to about ¢11.60 per kilogramme, except for LPG.
Source: Ghana Business
