Fuel prices are likely to remain relatively unchanged on the domestic fuel market from November 1, 2023, the Institute for Energy Security has predicted.
This follows a marginal drop in the price of finished products of petrol, diesel and Liquefied Petroleum Gas (LPG) on the international market. However, the cedi depreciated during the last two weeks.
Per the forecast, the average price per litre of petrol will remain at¢12.35, whilst diesel will be pegged at ¢15.90 per litre. The price of Liquefied Petroleum Gas (LPG) will also remain at ¢12.90 per kilogramme (Kg).
“Following a marginal drop in the price of Gasoline [petrol], Gasoil [diesel], and LPG by some 0.01%, 0.95%, and 1.71% respectively on the international market, a depreciation of the Ghana cedi against the U.S. dollar, fuel prices are likely to remain relatively unchanged on the domestic fuel market. Although the Ghana Cedi depreciated by 1.32% to the U.S. Dollar, the Institute for Energy Security (IES) is projecting that ex-pump prices of key market products will be maintained in the first two weeks of November 2023, largely due to the falls in international prices of the commodities”. The IES alluded that data from its Economic Desk on the domestic foreign exchange (Forex) market over the last two weeks showed that the Ghana Cedi made a loss of 1.32% against the U.S. dollar, closing the window at ¢11.86 to the dollar, from a previous rate of ¢11.71.
Source: Joy Business