The Institute for Energy Security, IES, predicts that fuel prices in Ghana would stay generally stable throughout the first trading window, which begins on Friday, December 1, 2023.
The marginal net price changes of international petroleum product prices, as well as the slowing cedi depreciation, are attributed to IES’ estimates.
Review of the local market
In Ghana, fuel costs have fallen marginally in the last two weeks. The average price of gasoline has decreased by GH¢0.27 per litre, while diesel has decreased by GH¢0.32 per litre.
Liquefied petroleum gas (LPG) stays fixed at GH¢13 per kilogram.
According to the Institute for Energy Security, the price declines are due to a drop in worldwide demand for petroleum products.
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The organization also points out that the cedi has devalued somewhat against the US dollar, which may negate some of the benefits from the worldwide price drop.
World Oil Market
The global crude oil market remains unpredictable, with prices moving in reaction to supply and demand news. Over the last two weeks, Brent crude oil has averaged $81.00 a barrel.
World Fuel Market
According to the Global Standard & Poor’s, S&P, Platts averages, the price of gasoline has dropped by 1.55 percent in the last two weeks, while the price of LPG has dropped by 0.66 percent. Diesel prices climbed by 0.04 percent.
Local Forex
Over the last two weeks, the cedi has fallen by 0.30 percent versus the US dollar.
Projection
According to IES, fuel prices in Ghana would stay fairly stable in the first two weeks of December 2023.
