Home Economy Ghanaians are facing fuel price uncertainties as the cedi falls in value

Ghanaians are facing fuel price uncertainties as the cedi falls in value

by Vesta Daily
0 comment 50 views
Ghanaians are facing fuel price uncertainties as the cedi falls in value

Starting on November 16, 2023, the Institute for Energy Securities (IES) predicts that the price of petroleum products at the pump may decline.

Nonetheless, given that the cedi lost 0.86% and 1.32% of its value during the second price window for October 2023, the optimistic prediction should be viewed cautiously.

International fuel costs have been declining recently, according to global indices. The price of gasoline, diesel, and liquefied petroleum gas (LPG) has decreased by 1.83%, 4.82%, and 0.67%, respectively.

On November 11, 2023, the Global Standard & Poor (S&P) Platts averages showed a significant decline in the price of refined petroleum products in the global fuel market.

At the moment, the average cost of gasoline is ¢12.89 pesewas, diesel is 13.10, and the cost of LPG is ¢13 per kilogramme (kg). The IES notes that the expected drops in fuel prices could be thwarted by the cedi’s trajectory.

There is stability in the local gasoline market as most Oil Marketing Companies (OMCs) keep liquid fuel pricing the same.
While certain OMCs have slightly reduced the price of gasoline and gasoil by ¢0.20 and ¢0.30 per litre, respectively, Total Energies has marginally increased the price of diesel by ¢0.20 per litre.

Stakeholders are keeping a close eye on the developing factors that could influence Ghana’s fuel pricing environment in the coming weeks as the country balances the volatile global market landscape with domestic currency changes.

Vesta Daily
Author: Vesta Daily

You may also like

Leave a Comment

Vesta Daily is a world-class authentic media outlet, that aims at bringing credible and relevant news in Sports. Politics, Business, Economy, Showbiz, Sex & Relationship, Lifestyle and many more

© Copyright 2024 Vesta Daily. All rights reserved powered by vestamultimedia.com

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00

Adblock Detected

Please support us by disabling your AdBlocker extension from your browsers for our website.
Verified by MonsterInsights