Fuel prices to go up slightly from February 1

The Institute for Energy Security has projected a marginal rise in fuel prices from February 1, 2024.

This is attributed to a marginal increase in the price of finished petroleum products and the depreciation of the cedi.

The price of petrol and Liquefied Petroleum Gas is expected to go up by 2% while diesel might increase by 3%.

“In the coming days, consumers going to the pumps are likely to see the following changes: an increase in the price of Gasoline [petrol] by 2%, a 3% increase in the price of Gasoil [diesel], and a 2% increase in LPG price largely as a combined effect of the Ghana cedi depreciation and the international market price rise for the products,” the IES noted.

The second pricing window of January 2024 saw some relative stability in diesel.

The IES said its continuous monitoring of Oil Marketing Companies (OMCs) on the market revealed that prices remained unchanged for the two main liquid fuels in the first week of the pricing- window.

But few of them reviewed the price of petrol in the second week.

Data gathered indicates that the price of petrol was reviewed downwards by an average of GH¢0.11 per litre whereas diesel and LPG prices remained unchanged.

The average prices of the petroleum products were petrol GH¢11.82, diesel-GH¢12.74, and LPG at GH¢13 per kilogramme (kg).

On the global market, the price increment has been recorded for all refined petroleum products as of January 26, 2024, according to the Global Standard & Poor (S&P) Platts platform.

Petrol closed trade at $800.84 per metric tonne while Diesel traded at $807.14 per metric tonne.

LPG traded at $535.41 per metric tonne 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.

SSD/NOQ

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