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Price of petrol to increase by 1% – IES predicts

The Institute for Energy Security (IES) is forecasting an uptick in the prices of all petroleum products, commencing from today, October 2, 2023, during the upcoming pricing window.

This projection is attributed to a rise in the international market rates for petrol by 0.63%, diesel by 5.40%, and Liquefied Petroleum Gas (LPG) by 2.43%.

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Additionally, the Ghanaian cedi has experienced a 0.59% depreciation against the U.S. dollar in the foreign exchange market over the past two weeks, further contributing to the expected price increase.

“The specific price increments expected for each petroleum product are as follows: Gasoline [petrol], approximately 1% per litre; Gasoil [diesel], approximately 3% per litre; and LPG, approximately 1.5% per kilogramme”, it explained.

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The price of Brent Crude experienced a pause in its upward trajectory on Thursday, September 28, 2023, following a surge to over $97 per barrel on Wednesday, September 27, 2023. Traders began taking profits, and the market’s focus shifted to the prospect of increasing interest rates.

Traditionally, higher interest rates have a dampening effect on oil prices, as they tend to reduce demand for oil due to decreased economic activity and rising costs. Interestingly, analysts at Standard Chartered in the commodities sector have argued that a more hawkish stance from the Federal Reserve might actually be beneficial this time. Such a stance is likely to make OPEC+ producers more cautious for an extended period.

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In the midst of the global upswing in crude oil prices, leading to higher costs for refined products on the international fuels market, liquid fuels in the Ghanaian market remained relatively stable during the last pricing window, according to the Institute for Energy Security (IES).

Specifically, concerning liquid fuels, petrol prices remained unchanged among the monitored Oil Marketing Companies (OMCs). However, several OMCs, including Star Oil, Zen Petroleum, Benab Oil, and So Energy, raised the price of Gasoil by an average of approximately ¢0.40 per liter. Additionally, the price of Liquefied Petroleum Gas (LPG) increased by approximately GH¢0.40 per kilogram.

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