The Institute for Energy Security, IES, expects fuel prices to remain relatively stable in Ghana for the first pricing window which kick-starts from Friday, December 1, 2023.
IES attributes its projections to the marginal net price changes of international petroleum product prices and the slowed cedi depreciation.
Review of the local market
Fuel prices in Ghana have decreased slightly over the past two weeks. The average price of gasoline has dropped by GH¢0.27 per litre, while the average price of diesel has dropped by GH¢0.32 per litre.
The price of liquefied petroleum gas, LPG, remains unchanged at GH¢13 per kilogram.
The Institute for Energy Security, IES, attributes the price decreases to a decline in global demand for petroleum products.
The organization also notes that the cedi has depreciated slightly against the US dollar, which could offset some of the savings from the global price decline.
World Oil Market
The world crude oil market continues to be volatile, with prices fluctuating in response to news about supply and demand. Brent crude oil traded at an average of $81.00 per barrel over the past two weeks.
World Fuel Market
The Global Standard & Poor, S&P, Platts averages show that the price of gasoline decreased by 1.55 percent over the past two weeks, while the price of LPG decreased by 0.66 percent. The price of diesel increased by 0.04 percent.
Local Forex
The cedi depreciated by 0.30 percent against the US dollar over the past two weeks.
Projection
Fuel prices to remain relatively stable in Ghana in the first two weeks of December 2023 according to IES.
By Eben Agyekum-Boateng, 3Business