Fuel prices may fall beginning tomorrow, November 16, 2023.

However, this imminent fall may be thwarted by the continuous fall of the Ghana cedi against the U.S. dollar in recent times, the Institute for Energy Securities has revealed.

It said the local currency depreciated by 0.86%, and 1.32% respectively in the second pricing-window for October 2023.

“Going into the second pricing-window for November 2023, the Institute for Energy Security (IES) projects a likely drop in the price of petroleum products, but with the trend of Ghana cedi performance monitored over the last two pricing-windows, this may likely forestall the expected reductions”, it disclosed in its bi-weekly review of petroleum prices.

In the last two weeks, prices of petrol (1.83%), diesel (4.82%), and Liquefied Petroleum Gas (0.67%) have gone down on the international market.

Presently, petrol is going for ¢12.89 pesewas on the average, whilst diesel is selling at ¢13.10. LPG stands at ¢13 per kilogramme (kg) respectively

World fuel market

IES said the Global Standard & Poor (S&P) Platts averages monitored during the first pricing window of November 2023 indicated a significant price fall recorded for all refined petroleum products on the world fuel market.

Specifically, petroleum products performance as of November 11, 2023 saw petrol price closing trade at $832.64 per metric tonne causing a net effect of -1.83%. The price of diesel stood at $876.18 per metric tonne with a net effect of -4.82%. Liquefied Petroleum Gas also traded at $518.14 per metric tonne with an effect of -0.67%.

Local fuel market performance

For the local fuel market, prices of petroleum products have remained largely stable in the pricing window under review.

The majority of Oil Marketing Companies (OMCs) tracked by IES have maintained the price of liquid fuels. However, Total Energies marginally increased the price of diesel by ¢0.20 per litre. Some OMCs marginally reduced the price of petrol by ¢0.20 and Gasoil by ¢0.30 per litre, respectively.