Fuel and diesel prices are predicted to fall by 7.1% to 10.8% at the pump beginning Thursday, February 16, 2022.
However, Liquefied Petroleum Gas (LPG) prices will rise during the following two weeks.
According to the Institute for Energy Security (IES), petrol will cost around ¢14.40 per litre in the coming days, while diesel will cost around ¢13.90 per litre.
However, the price of a kilogram of LPG may rise to ¢14.70 by the end of the second pricing window in February 2023.
The predicted decline in petrol and diesel prices is attributable to a minor strengthening of the cedi against the dollar and a drop in global petrol and diesel costs.
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“Following a global market drop in the price of Gasoline [petrol] and Gasoil [diesel] by some -1.60% and -12.80%, respectively, an increase in the price of LPG by 9.13% on the foreign market, and a marginal appreciation of the Ghana cedi against the US dollar, the domestic fuel market is expected to see significant price changes at the pumps”.
World oil market
Brent, the international crude oil benchmark, decreased to around $82.89 per barrel on average, from $86.14 per barrel previously.
Over the last two weeks, the average price fell by 3.77%. The price dropped to around $79.72 per barrel at the end of the trading day on February 5, 2023, following which it slowly increased and closed the window trading day at around $86.39 on February 10, 2023.
This was primarily related to a rebound in Chinese oil demand following the review of COVID 19 limitations.
Fuel market performance
The first pricing window for February 2023 witnessed price hikes for domestic petroleum products. Prices for petrol and diesel climbed by 12.30% and 3.5%, respectively, in the first week.
According to the IES monitoring of various Oil Marketing Companies (OMCs) for the pricing-window under review, the price of diesel fell by around 4.26%, from ¢15.90 to ¢15.25 in the second week of the pricing-window as a government intervention to fix the price.
At the end of the price window, the national average for gasoline and diesel was around ¢15.20 and $15.30, respectively.
According to several LPG Marketing Companies (LPGMCs), the national average price of liquefied petroleum gas (LPG) is ¢13.51 per kilogramme.
SOURCE: myjoyonline
