According to the Institute for Energy Security, fuel prices will slightly increase starting on February 1, 2024.
This is explained by the devaluation of the Cedi and a slight increase in the price of completed petroleum products.
The prices of petrol and liquefied petroleum gas are expected to go up by 2%, while diesel might increase by 3%.
“In the upcoming days, customers visiting the gas stations will probably witness the. The Ghana Cedi devaluation and the international market price for the items have combined to cause 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.
The second pricing window in January 2024 saw some relative stability in diesel.
The prices for the two primary liquid fuels stayed the same throughout the first week of the pricing window, according to the IES, which claimed this was the result of its ongoing monitoring of oil marketing companies [OMCs] on the market.
Data gathered indicates that the price of petrol was reviewed downward by an average of 11.82 Ghana cedis, diesel at 12.74 Ghana cedis, and LPG at 13 Ghana cedis per kilogram [KG].
As of January 26, 2024, all refined petroleum products have seen price increases on the global market, according to the Global Standard & Poor’s [S&P] platform.
Petrol closed trade at $800.84 per metric ton, while diesel traded at $807.14 per metric ton.
LGP traded at $535.41 per metric ton in the second pricing window for January 2024.
A comparative analysis of the refined price data indicates an increase of 2.93%, 4.79%, and 2.44% for petrol, diesel, and LPG.
Source: 1FamilyRadio