Fuel costs are expected to remain steady in the first two weeks of September, according to the Institution for Energy Security.
According to the Institute, this is related to a decrease in global petroleum product prices.
The recent seeming stability of the Ghana cedi in the second pricing window of August 2023 was also cited as a contributing factor.
The various finished petroleum products as monitored on the Standard & Poor’s (S&P) Platt platform within the past window exhibited the following dynamics: gasoline [petrol] traded at $989.48 per metric ton against the previous $967.29 per metric ton.
Gasoline [diesel] went from $901.73 per metric ton to $911.68, while LPG moved from $547.52 per metric ton to $557.05 per metric ton. These modifications resulted in a 2.29%, 0.13%, and 1.7% increase in all three product prices: gasoline, gasoil, and LPG, respectively.
The IES Economic Desk’s analysis of the ”foreign exchange (forex) market, which has been monitored by 1Family radio, claimed that the Ghana cedi depreciated against the US dollar, moving from GHC 11.39 to GHC 11.45, representing 0.52% depreciation of the Ghana cedi over the period,” it added.
For the second pricing window of August, fuel prices increased by the following margins: 5% for diesel and 3.90% for petrol.
The current national average price per liter of petrol is GHC 13.02, GHC 12.85 for diesel, and GHC 13.14 per kilogram of LPG.
As of August 28, 2023, Brent Crude was selling for $84.48 a barrel, with an average price per barrel of $84.16.
Source: 1Familyradio