Ghanaians face fuel price uncertainty amid cedi depreciation

The Institute for Energy Securities (IES) anticipates a potential downturn in the cost of petroleum products at the pumps from November 16, 2023.

However, the optimistic forecast is met with caution as the cedi witnessed a depreciation of 0.86% and 1.32% in the second pricing window for October 2023.

Global indicators show a recent decline in international fuel prices, with petrol, diesel, and Liquefied Petroleum Gas (LPG) experiencing reductions of 1.83%, 4.82%, and 0.67%, respectively.

The Global Standard & Poor (S&P) Platts averages on November 11, 2023, reflected a notable price fall for refined petroleum products in the world fuel market.

Currently, petrol is priced at an average of ¢12.89 pesewas, diesel at ¢13.10, and LPG at ¢13 per kilogramme (kg). However, the IES emphasizes that the trajectory of the cedi may thwart the anticipated reductions in fuel prices.

In the local fuel market, stability is observed with the majority of Oil Marketing Companies (OMCs) maintaining the prices of liquid fuels.

As Ghana navigates this delicate balance between global market trends and domestic currency fluctuations, stakeholders are closely monitoring the evolving dynamics that could shape the nation’s fuel pricing landscape in the weeks to come.

Source:norvanreports