The Institute for Energy Security (IES) has forecasted that the upcoming pricing window, commencing on November 1, 2023, is unlikely to witness any changes in fuel prices.

This absence of price adjustments is primarily attributed to a marginal reduction in the international market prices of refined petrol, diesel, and Liquefied Petroleum Gas (LPG).

Remarkably, this stability persists despite the recent depreciation of the cedi over the past few weeks.

According to the IES statement, the anticipated fuel prices per litre will remain steady, with petrol at ¢12.35, diesel at ¢15.90, and Liquefied Petroleum Gas (LPG) at ¢12.90 per kilogramme (Kg).

“Following a marginal drop in the price of Gasoline [petrol], Gasoil [diesel], and LPG by some 0.01%, 0.95%, and 1.71% respectively on the international market, a depreciation of the Ghana cedi against the U.S. dollar, fuel prices are likely to remain relatively unchanged on the domestic fuel market.

“Although the Ghana Cedi depreciated by 1.32% to the U.S. Dollar, the Institute for Energy Security (IES) is projecting that ex-pump prices of key market products will be maintained in the first two weeks of November 2023, largely due to the falls in international prices of the commodities,” the IES noted.