The Institute for Energy Securities has stated that starting tomorrow, February 1, 2024, fuel prices are expected to increase slightly.
The cedi’s depreciation and a slight increase in the cost of completed petroleum products are the causes of this. Diesel will cost 3% more than gasoline, while the price of Liquefied Petroleum Gas (LPG) will rise by 2%.
“As a result of the depreciation of the Ghana cedi and the rise in product prices on the international market, consumers who visit the gas pumps in the coming days can expect to see the following changes: a 2% increase in the price of gasoline (petrol), a 3% increase in the price of gasoil (diesel), and a 2% increase in the price of LPG.”
As of January 26, 2024, a price increase has been noted for all refined petroleum products, according to the Global Standard & Poor (S&P) Platts platform.
The closing price of gasoline was $800.84 per metric tonne. In contrast, during the second pricing window for January 2024, diesel traded at $807.14 per metric tonne and LPG at $535.41 per metric tonne.
For gasoline, diesel, and LPG, a comparative study of the refined price data shows increases of 2.93%, 4.79%, and 2.44%. On the local fuels market, diesel prices saw some degree of stability during the second pricing window.
IES’s ongoing market monitoring of Oil Marketing Companies (OMCs) showed that, during the first week of the pricing window, the prices of the two primary liquid fuels did not change. Few of them, though, looked at the cost of gas in the second week.
According to the price data collected, the average price of gasoline was reviewed down by GH¢0.11 per liter, while the prices of diesel and LPG stayed the same.
The average cost of petroleum products was GH¢11.82 for gasoline, GH¢12.74 for diesel, and GH¢13 for LPG per kilogram (kg).
