Great news for consumers! Starting today, October 16, 2023, the prices of petroleum products are expected to drop at all pump stations across Ghana. This significant reduction is a reflection of the ever-changing international market dynamics, as reported by the Institute for Energy Security (IES).
According to the IES, consumers can anticipate a welcome decrease in the cost of all petroleum products, including petrol, diesel, and Liquefied Petroleum Gas (LPG), with the reduction ranging between 2% and 6% per liter.
This reduction is a direct response to the recent fall in the prices of refined products on the global fuel market. Specifically, gasoline (petrol), gasoil (diesel), and LPG have witnessed price decreases of 13.06%, 6.40%, and 9.67%, respectively. Additionally, the depreciation of the Ghana cedi by 1.42% against the US dollar on the forex market has played a role in this favorable pricing adjustment.
The price data, sourced from the Global Standard & Poor’s (S&P’s) Platt averages during the initial pricing window of October 2023, revealed that petrol, diesel, and LPG were traded at $848.30 per metric tonne, $929.36 per metric tonne, and $530.64 per metric tonne, respectively. These new prices result in a net price effect of -13.06%, -6.40%, and -9.67% for all refined products on the global fuel market.
However, it’s important to note that the response to these changes in the local fuel market has been mixed among Oil Marketing Companies (OMCs). While some industry leaders, such as Go Energy and Total Energies, have maintained the prices of petrol and diesel, others have made slight adjustments. Some OMCs have maintained petrol prices but increased diesel prices marginally by approximately ¢0.25 per liter. Additionally, the price of LPG has seen a slight increment of about ¢0.40 per kilogram, marking the fourth consecutive increase for this product in the local market.
This price adjustment is a welcome relief for consumers and reflects the ever-fluctuating global energy landscape. Stay informed and make the most of these changes at your nearest pump station.
Source: MyJoyOnline