The first two weeks of September should see no rise in fuel costs, according to the Institute for Energy Security. The Institute claims that this is a result of the drop in the price of petroleum products on a global scale.
Another major factor mentioned was the Ghana cedi’s recent appearance of stability in the second pricing window of August 2023.
“The various finished petroleum products as monitored on the Standard & Poor (S&P) Platt platform within the past window exhibited the following dynamics; Gasoline [petrol] traded at $989.48 per metric tonne against the previous $967.29 per metric tonne.
“Gasoil [diesel] also moved from $901.73 per metric tonne to $912.68, and Liquid Petroleum Gas price moved to $557.05 per metric from $547.52 per metric tonne. These changes led to price effect of 2.29%, 0.13%, and 1.7% increase in all 3 product prices; Gasoline, Gasoil, and LPG respectively,” it said.
Also, the IES Economic Desk’s analysis of the “foreign exchange (forex) market, over the last two weeks claimed that the Ghana cedi depreciated against the U.S. dollar moving from ¢11.39 to ¢11.45, representing 0.52% depreciation of Ghana cedi over the period”, it added.
Fuel prices increased by the following margins during the second pricing window of August: 5% for diesel and 3.90% for gasoline.
Currently, the national average price for a litre of gasoline is 13.02, for a kilogram of LPG it is 13.14, and for a liter of diesel it is 12.85.
As of August 28, 2023, Brent Crude was selling for $84.48 per barrel, with a $84.16 average price per barrel.