All things being equal, the price of diesel may see a slight reduction at the pumps from tomorrow, November 16, 2022, the Institute for Energy Security (IES) has predicted..

However, petrol will not witness any change in price, but the price of Liquefied Petroleum Gas will rise by roughly 4%.

“The Institute for Energy Security (IES) recognises the significant jump in the price of Liquefied Petroleum Gas (LPG) on the international market as well as the marginal stability in the local currency and predicts that the price of the commodity on the local market will rise by roughly 4%”.

“The price of gasoline [petrol] though rising marginally on the international market will not be enough to cause a price change domestically. As a result, the IES foresees some stability in the price of gasoline domestically. In IES’ estimation, Gasoil’s price per litre may see a slight reduction in response to the 10.11% fall in international Gasoil price. The reduction is imminent should the bulk importers decide not to price in the recent forex losses they incurred”, it explained.

At the close of November 2022 which was the first Pricing-window, key finished products on the domestic fuel market saw significant changes at the pumps of all Oil Marketing Companies (OMCs). This was in response to the cedi depreciation and an increase in international prices.

The price increases over the past two weeks moved the national average price per litre of petrol from ¢16.94 to ¢17.62, suggesting an increase of 4.01% over the period.

Diesel’s national average price per litre witnessed a significant jump of roughly 23% to move from ¢18.76 to ¢23.07.