The price of petrol and diesel is projected to further increase by about 5% and 4% per litre respectively at the pumps in the coming days.
This results from international market dynamics and poor performance of the local currency.
According to the Institute for Energy Security, Liquified Petroleum Gas (LPG) on the other hand could see users enjoy some price cuts by about 8% in the coming days.
“Following the international market changes resulting from geopolitical tensions in the Middle East, OPEC+ decisions on production cuts among other factors have caused a hike in crude oil prices which influences refined product price. Liquid fuel prices have continued rising in a row over the past two pricing windows with April [2024] first pricing window recording 7.27% and 0.69% respectively. Ghana’s economic turmoil continues to put pressure on the local currency leading to its persistent depreciation since February 2024 with the latest being 2.43% in the April first pricing window”, it mentioned
The IES further said the national policy changes and directives from the National Petroleum Authority (NPA) have affected the local market in the last pricing period and its likely to continue in the second half of April 2024 as some Oil Marketing Companies attempt to incorporate the new changes to their operations.
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