The Institute for Energy Security (IES) has projected fuel prices to go up from Saturday, September 16, 2023.
The price of diesel and Liquefied Petroleum Gas (LPG) are expected to go up by 1 and 4 percent respectively.
However, it predicts that the price of petrol is likely to remain unchanged during the second pricing window in September.
“The impending increases are coming on the back of an increase in the international market price of gasoil by 3.33% and LPG by 2.95%, coupled with a 0.97% depreciation of the Ghana cedi against the U.S. dollar on the foreign exchange market. By range, gasoil and LPG prices are expected to go up by 1% to 4% for the next two weeks ending September 2023”.
IES attributes the increase to Brent crude price which rose above $90 per barrel last week and continued into this week, reaching its highest level in ten months.
This comes after Saudi Arabia and Russia announced an extension of their production and export limits of one million barrels per day bpd, and 300,000 bpd respectively, through the end of 2023.
On the local fuel market performance, whereas some OMCs maintained prices, marginal increases were recorded among others in the first pricing window of September 2023.
The increment averaged at ¢0.05 for diesel and ¢0.02 for diesel on the downstream petroleum market. Also, towards the end of the pricing window under review, the IES monitoring of the market revealed some OMCs run short of liquid fuels at some outlets.