Diesel Price Set To Fall, But LPG Price To Rise

Diesel Price Set To Fall, But LPG Price To Rise

All things being equal, the Institute for Energy Security (IES) predicts that diesel prices will fall slightly at the pumps starting tomorrow, November 16, 2022.

However, the price of gasoline will remain unchanged, while the price of Liquefied Petroleum Gas will rise by approximately 4%.

“The Institute for Energy Security (IES) recognises the significant jump in the price of Liquefied Petroleum Gas (LPG) on the international market as well as the marginal stability in the local currency and predicts that the price of the commodity on the local market will rise by roughly 4%.”

“The price of gasoline [petrol] though rising marginally on the international market will not be enough to cause a price change domestically. As a result, the IES foresees some stability in the price of gasoline domestically. In IES’ estimation, Gasoil’s price per litre may see a slight reduction in response to the 10.11% fall in international Gasoil price. The reduction is imminent should the bulk importers decide not to price in the recent forex losses they incurred”, it explained.

At the end of the first Pricing-window in November 2022, key finished products on the domestic fuel market saw significant changes at the pumps of all Oil Marketing Companies (OMCs). This was in response to a depreciation of the cedi and an increase in international prices.

The price increases over the last two weeks raised the national average price per litre of gasoline from 16.94 to 17.62, implying a 4.01% increase over the period.

The national average price of diesel per litre increased by roughly 23%, rising from 18.76 to 23.07.

Source: Energy Ghana



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