Prices of petroleum products are expected to go down at all pump stations beginning today, October 16, 2023, for the next pricing window.

According to the Institute for Energy Security (IES), the reduction is to reflect international market dynamics.

Specifically, it said, consumers should expect to see a reduction between 2% and 6% per litre for all petroleum products; petrol, diesel and Liquefied Petroleum Gas (LPG).

“Following the fall in the price of refined products prices on the World Fuel Market by 13.06%, 6.40%, and 9.67%, for Gasoline [petrol], Gasoil [diesel], and LPG respectively, and taking into consideration the 1.42% depreciation of the Ghana cedi against the greenback [dollar] currency on the forex market”.

World fuel market

The price data, IES, tracked from the Global Standard & Poor's (S&P's) Platt averages during the first pricing window of October [2023] show the price of petrol, diesel and LPG traded at $848.30 per metric tonne, $929.36 per metric tonne, and $530.64 per metric tonne respectively.

The new prices pose a net price effect of -13.06%, -6.40%, and -9.67% for all refined products respectively on the World fuel market.

Local fuel market performance

The domestic fuel market saw mixed reactions from Oil Marketing Companies (OMCs) regarding the price of petroleum products.

Following the increment in refined petroleum product prices on the international fuels market, some market leaders (OMCs) including Go Energy and Total Energies maintained the prices of petrol and diesel.

Other OMCs maintained the price of petrol but increased the price of diesel marginally by about ¢0.25 per litre.

The price of LPG also went up slightly by about ¢0.40 per kilogramme being the 4th uninterrupted increment for the product on the local market.