LPG and diesel prices to increase by 4% and 1% from September 16 – IES projects

The Institute for Energy Security (IES) is projecting an increment in the price of diesel and Liquefied Petroleum Gas by 1 and 4 percent respectively with effect from Saturday September 12, 2023.

According to the IES, the price of petrol is however expected to remain unchanged for the second pricing of September this year.

The IES attributed the increment in the price for diesel and LPG on the rise in international market prices for gasoil and LPG as well as the depreciation of the cedi against the US dollar.

“The impending increases are coming on the back of an increase in international market price of gasoil by 3.33% and LPG by 2.95%, coupled by a 0.97% depreciation of the Ghana cedi against the U.S. dollar on the foreign exchange market. By range, gasoil and LPG prices are expected to go up by 1% to 4% for the next two weeks ending September 2023,” the IES explained.

The IES further noted that its analysis of the local currency against the US dollar on the foreign exchange, witnessed a depreciation of 0.97 percent after it traded against the greenback at GH¢11.50 from a previous GH¢11.39 at end of trade period under review.

Touching on global price markets, the IES said Brent crude rose above $90 per barrel from last week through to this week ending September 15, 2023, making it the highest recorded in 10 months.

The surge in the price of the commodity is however on the back of Saudi Arabia and Russia announcing an extension of their oil production levels and export limits of 1 million barrels day (bpd) and 300,000 bpd respectively, through the end of 2023.

MA/NOQ