Fuel, LPG prices to go up marginally due to worsened Ghana Cedi

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The Institute for Energy Security (IES), in its first pricing-window for March 2024, has projected marginal price hikes for gasoil, gasoline, and liquefied petroleum gas (LPG), largely due to the worsened Ghana Cedi.

“Following the continuous price hikes recorded by all refined petroleum products under consideration on the world fuels market in the past 2 weeks, the local market is likely to reflect these changes. Given the Ghana Cedi’s poor performance, coupled with the rising prices of petroleum products on world fuels market, IES expects prices to increase marginally in the early days in the month of March,” the energy watchdog said in a statement dated March 1, 2024.

“Barring any intervention, in the coming days, consumers should expect further marginal increases in the price of Gasoil, Gasoline and LPG, this is largely due to the worsened Ghana Cedi,” it added.

According to IES, the second pricing-window of February saw the price of petroleum products surge at the pumps in line with projections on the local fuel market in Ghana.

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Also, the Global Standard & Poor’s (S&P) Platts platform tracking of refined petroleum price data recorded an increment in price per metric tonne performance for Gasoil, Gasoline, and Liquefied Petroleum Gas (LPG) as $871.75, $840.43, and $599.48, respectively, at the close of trade on February 26.

The net price effects realized because of the change indicate a 1.56%, 3.24%, and 2.92% increase for Gasoline, Gasoline, and Liquefied Petroleum Gas, respectively.

Meanwhile, the IES Economic Desk monitoring of Ghana Cedi’s performance on the foreign exchange (Forex) market indicates the local currency depreciation has continued decreasing in value by about 1.44% to a U.S. Dollar. As at the close of trade on 26th February 2024, the Ghana Cedi was exchanged at GHC12.60 to a dollar.