Fuel prices to drop during second February pricing window
Fuel prices are projected to experience a marginal drop during the second pricing window in February, according to the Institute for Energy Security (IES).
The price of gasoil is expected to decrease by around 4.26%, from GH¢15.90 to about GH¢15.25, while the price of liquefied petroleum gas will be pegged at GH¢13.51 per kilogram across various LPG stations across the country.
These changes are largely due to the National Petroleum Authority’s directives for a price adjustment to reflect the government’s Gold for Oil Policy.
This policy was created in response to high oil prices that have impacted Ghana and is aimed at ensuring a regular and affordable supply of oil. As a result, the IES has been monitoring various Oil Marketing Companies (OMCs) for the pricing window under review.
It found that the price of diesel dropped by around 4.26%, from ¢15.90 to about ¢15.25, as a government intervention to set the price. At the close of the pricing-window, the national average prices for petrol and diesel were about ¢15.20 and ¢15.30, respectively.
The global oil market has also experienced some changes in the past few weeks. The international crude oil benchmark Brent has fallen to about $82.89 per barrel on average terms, a 3.77% decrease in average price over the last two weeks.
This window saw the price drop to about $79.72 per barrel at the close of the trading day on February 5. However, the price has seen slow increases and closed the window trading day at around $86.39 on February 10, 2023. The rebound of China’s oil demand after a review of COVID-19 restrictions has been attributed to this change.
The first pricing window for February 2023 saw an increase in the prices of petroleum products on the domestic market, with petrol and diesel increasing by 12.30% and 3.5%, respectively, during the first week. However, the second pricing window is projected to see a marginal decrease in fuel prices, which is good news for Ghanaians.
The national average price of liquefied petroleum gas (LPG) as monitored on various LPG Marketing Companies (LPGMCs) is pegged at Gh¢13.51 per kilogramme, which should provide some relief for households that rely on this fuel.
Ghana is expected to see some relief in fuel prices during the second pricing window in February, with a marginal drop in the prices of gasoil and LPG. This is largely due to the government’s Gold for Oil Policy, which aims to ensure a regular and affordable supply of oil.
However, it is important to note that the global oil market is unpredictable and changes in prices can occur at any time, which could impact Ghana’s fuel prices in the future.
