Institute for Energy Securities predicts marginal increase in fuel prices effective Feb 1
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The Institute for Energy Securities has projected a slight uptick in fuel prices starting February 1, 2024, attributing the increase to a marginal rise in the cost of finished petroleum products and the depreciation of the cedi.
Read full articleAs part of these adjustments, the price of petrol and Liquefied Petroleum Gas (LPG) is expected to rise by 2%, while diesel prices will experience a 3% increase. The Institute stated that these changes result from the combined impact of the depreciation of the Ghana cedi and the upswing in international market prices for petroleum products.
Data from the Global Standard & Poor (S&P) Platts platform, as of January 26, 2024, revealed price increments for all refined petroleum products. Petrol concluded trading at $800.84 per metric tonne, diesel at $807.14 per metric tonne, and LPG at $535.41 per metric tonne in the second pricing window for January 2024.
A comparative analysis of the refined price data showed a 2.93% increase for petrol, 4.79% for diesel, and 2.44% for LPG. Despite some stability in diesel prices during the second pricing window, the IES's continuous monitoring of Oil Marketing Companies (OMCs) indicated that prices remained unchanged for the two primary liquid fuels in the first week but were subject to adjustments for petrol in the second week.
The gathered price data revealed a downward revision of petrol prices by an average of GH¢0.11 per litre, while diesel and LPG prices remained unchanged. The average prices of petroleum products were reported as GH¢11.82 per litre for petrol, GH¢12.74 per litre for diesel, and GH¢13 per kilogramme (kg) for LPG.
