The Institute for Energy Security has forecasted that the prices of petrol and diesel will increase by about 5% and 4% per litre respectively at the pumps in the coming days.
According to the forecast, this is duer to international market dynamics and poor performance of the local currency, the cedi.
However, according to the IES, the price for Liquified Petroleum Gas (LPG) will likely come down by about 8%.
“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 said.
According to reports, monitoring of price movements for petroleum products by the Global Standard & Poor saw a posting of the first pricing-window for April 2024: petrol $937.68, diesel $841.38, and LPG $517.38, per metric tonne respectively.
The new price movement reflected a net effect of 7.27% and 0.69% increment in the price per metric tonne for petrol and diesel respectively.
On the other hand, LPG price fell by a whopping 17.52%. It was the second time the product price has recorded such a change.
According to the IES, the effects of policy changes and a vary in directives that the National Petroleum Authority (NPA) effected during the last pricing window will continue into the second half of April 2024 as some Oil Marketing Companies attempt to incorporate the new changes to their operations.
This month, there was turbulence on the domestic fuel market during the first pricing window due to factors from regulatory directives to international market dynamics.
The National Petroleum Authority reversed an earlier decision to suspend the price stabilisation levy as a component of the price build-up for refined petroleum products.
In reaction, Oil Marketing Companies (OMCs) reviewed prices upward citing dynamics of international price movements and a depreciation of the local currency, the cedi.
The average price increase for diesel for the period under review was GH¢0.25 per litre, whereas petrol was GH¢0.30 per litre. The price of LPG however remained unchanged.