The Institute for Energy Security (IES) has asserted that starting October 16, 2023, pump stations will be lowering the prices of petroleum products for the next pricing window. This reduction is in response to international market dynamics, according to the Institute for Energy Security (IES).
READ ALSO: Government Will Stick To Its Budgeted Expenditure In 2024 - Ken Ofori-Atta
Consumers can expect a decrease of 2% to 6% per litre for
petrol, diesel, and Liquefied Petroleum Gas (LPG). The IES attributes this
reduction to a 13.06% decrease in the price of gasoline, a 6.40% decrease in
the price of diesel, and a 9.67% decrease in the price of LPG on the World Fuel
Market. Additionally, the depreciation of the Ghana cedi by 1.42% against the
dollar also contributes to the price reduction.
The tracked price data from the Global Standard & Poor's
(S&P's) Platt averages during the first pricing window of October 2023
shows that petrol traded at $848.30 per metric tonne, diesel at $929.36 per
metric tonne, and LPG at $530.64 per metric tonne. These new prices result in a
net price decrease of 13.06%, 6.40%, and 9.67% for all refined products on the
World fuel market.
READ ALSO: Ghana Could Be Hit By Fuel Shortages Soon
In the local fuel market, there were mixed reactions from
Oil Marketing Companies (OMCs) regarding the price of petroleum products. Some
market leaders, such as Go Energy and Total Energies, maintained the prices of
petrol and diesel, while others increased the price of diesel slightly by about
¢0.25 per litre. The price of LPG also experienced a slight increase of about
¢0.40 per kilogramme, marking the fourth consecutive increment for this product
on the local market.
Comments
Post a Comment