Fuel prices to remain unchanged from November 1

The Institute for Energy Security has projected that there may be no price change in fuel prices in the new pricing window which begins on November 1, 2023.

The no-price change has been attributed to the marginal drop in the price of finished products of petrol, diesel, and Liquefied Petroleum Gas (LPG) on the international market.

This development is despite the recent depreciation of the cedi in the past few weeks.

The average price per litre of petrol is expected to remain at ¢12.35, whilst diesel will be pegged at ¢15.90 per litre, the IES said in a statement.

The price of Liquefied Petroleum Gas (LPG) is also projected to remain at ¢12.90 per kilogramme (Kg).

“Following a marginal drop in the price of Gasoline [petrol], Gasoil [diesel], and LPG by some 0.01%, 0.95%, and 1.71% respectively on the international market, a depreciation of the Ghana cedi against the U.S. dollar, fuel prices are likely to remain relatively unchanged on the domestic fuel market.

“Although the Ghana Cedi depreciated by 1.32% to the U.S. Dollar, the Institute for Energy Security (IES) is projecting that ex-pump prices of key market products will be maintained in the first two weeks of November 2023, largely due to the falls in international prices of the commodities,” the IES noted.

SSD/NOQ

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