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.