There is a possibility of a decrease in fuel prices starting tomorrow, November 16, 2023.
However, the Institute for Energy Securities (IES) has indicated that this anticipated reduction might be hindered by the ongoing depreciation of the Ghana cedi against the U.S. dollar.
According to the institute, the local currency experienced depreciations of 0.86% and 1.32% in the second pricing window for October 2023.
“Going into the second pricing-window for November 2023, the Institute for Energy Security (IES) projects a likely drop in the price of petroleum products, but with the trend of Ghana cedi performance monitored over the last two pricing-windows, this may likely forestall the expected reductions”, it disclosed in its bi-weekly review of petroleum prices.
Over the past two weeks, there has been a decline in the prices of petrol (1.83%), diesel (4.82%), and Liquefied Petroleum Gas (0.67%) on the international market.
Presently, the average cost of petrol is ¢12.89 pesewas, while diesel is being sold at ¢13.10. LPG is priced at ¢13 per kilogramme (kg).
The Institute for Energy Securities (IES) reported that during the first pricing window of November 2023, Global Standard & Poor (S&P) Platts averages indicated a notable decrease in the prices of all refined petroleum products on the global fuel market.
As of November 11, 2023, petrol was traded at $832.64 per metric tonne, resulting in a net effect of -1.83%. Diesel was priced at $876.18 per metric tonne, reflecting a net effect of -4.82%. Liquefied Petroleum Gas traded at $518.14 per metric tonne, with an effect of -0.67%.
Despite these international fluctuations, the local fuel market has seen relatively stable prices during the current pricing window. The majority of Oil Marketing Companies (OMCs) monitored by IES have maintained the prices of liquid fuels. However, Total Energies slightly increased the price of diesel by ¢0.20 per litre. Some OMCs made marginal reductions, with petrol and Gasoil decreasing by ¢0.20 and ¢0.30 per litre, respectively.