The Institute of Energy Security has forecasted a slight decline in fuel prices at gas stations starting from October 16, 2023, as the second pricing window for the month commences.
The projections indicate that both petrol and diesel, along with Liquified Petroleum Gas (LPG), are likely to experience reductions ranging from 2% to 6%.
This anticipated decrease is attributed to international market factors.
“Following the fall in the price of refined products prices on the World Fuel Market by 13.06%, 6.40%, and 9.67%, for Gasoline [petrol], Gasoil [diesel], and LPG respectively, and taking into consideration the 1.42% depreciation of the Ghana cedi against the greenback [dollar] currency on the forex market”.
The price of gasoline, diesel, and LPG traded at $848.30, $929.36, and $530.64 per metric tonne, respectively, on the global market during the first pricing window of October [2023], according to data tracked from the Global Standard & Poor’s (S&P’s) Platt averages.
Additionally, starting on October 16, the Chamber of Petroleum Consumers (COPEC) forecasts a small drop in fuel prices at the nation’s gas stations.
According to Duncan Amoah, the Executive Secretary of COPEC, the decrease in fuel prices can be ascribed to both the apparent strengthening of the Ghanaian cedi versus the US dollar and a significant down in the pricing of fuel goods on the international market.
Currently, the average cost of gasoline in Ghana is GH12.63 a liter, while the cost of diesel is GH13.40.
COPEC anticipates that during the second pricing window of October, which starts on October 16, 2023, gasoline prices might fall to GH12.098 per liter and diesel prices could fall to GH12.694 per liter.
“The second pricing window for the month of October under the National Petroleum Authority’s price deregulation program on petroleum pricing is set to commence from Monday the 16th of October. Indications of prices based on international price movements and the forex performance over the past fortnight point to some marginal reductions across pumps for the coming window, as confirmed by CBOD petroleum pricing outlook for the window,” COPEC’s statement noted.