Fuel Prices to Increase Marginally - IES

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The Institute for Energy Securities (IES) has anticipated a marginal uptick in fuel prices commencing from February 1, 2024. 

This projected increase is attributed to a marginal rise in the cost of finished petroleum products along with the depreciation of the national currency, the cedi. Notably, the IES has estimated a 2% rise in the prices of petrol and Liquefied Petroleum Gas (LPG), with diesel expected to climb by 3%.

Related To This: Implementation of Emissions Levy Act Commences Today

Forecasted Adjustments and Market Stability

The IES emphasized that consumers can anticipate changes at the pumps, with the anticipated 2% increase in the price of petrol, a 3% hike in the price of diesel, and a 2% surge in LPG prices. These adjustments are perceived to be primarily influenced by the combined impact of the cedi's depreciation and the escalation of international market prices for these products.


Recent Pricing Trends and Global Market Analysis

During the second pricing window of January 2024, there was reported stability in diesel prices, with limited adjustments observed among Oil Marketing Companies (OMCs) in the latter part of the window. The IES noted that while the price of petrol experienced a downward review by an average of GH¢0.11 per litre, diesel and LPG prices remained unchanged. The average prices for the various petroleum products during this period stood at GH¢11.82 for petrol, GH¢12.74 for diesel, and GH¢13 per kilogramme for LPG.

The global market has also witnessed a surge in prices for refined petroleum products, as of January 26, 2024. Notably, the Global Standard & Poor (S&P) Platts platform recorded a price increase, including a 2.93% rise for petrol, a 4.79% increase for diesel, and a 2.44% uptick for LPG.

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