The Institute for Energy Security (IES) predicts that fuel prices on the domestic market will remain relatively unchanged from November 1, 2023. This projection is based on a slight decrease in the prices of petrol, diesel, and liquefied petroleum gas (LPG) on the international market, offset by the depreciation of the Ghana cedi against the U.S. dollar.
According to the forecast, the average price per litre of petrol will stay at ¢12.35, while diesel will be priced at ¢15.90 per litre. The price of LPG will also remain unchanged at ¢12.90 per kilogramme (Kg).
The IES attributes the stability in fuel prices to the marginal drop in international prices of petrol, diesel, and LPG, alongside the depreciation of the Ghana cedi. Despite a 1.32% depreciation of the cedi against the U.S. dollar, the IES anticipates that key fuel prices will remain steady in the first two weeks of November 2023.
The IES also highlights the potential impact of the Israel-Hamas conflict on the global oil supply, particularly from OPEC+ countries in the Middle East. Additionally, concerns persist regarding China’s economic development and its impact on oil demand.
In the local fuel market, the IES observed price reductions for liquid fuels, with diesel decreasing by an average of ¢0.45 to ¢15.90 per litre, petrol decreasing by ¢0.60 to ¢12.35 per litre, and LPG maintaining a price of ¢12.90 per kilogramme (Kg) during the second pricing-window of October 2023.