• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Fuel Prices Expected to Hold Steady for First Half of September 2023, Says IES Projection

Slowed International Movements and Stable Exchange Rates Contribute to Price Stability

2 years ago
in Business, Economy, Editor's pick, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
124
VIEWS
Share on FacebookShare on TwitterShare on Linkedin
  • Fuel Prices Expected to Hold Steady for First Half of September 2023, Says IES Projection
  • Slowed International Movements and Stable Exchange Rates Contribute to Price Stability

Fuel consumers can breathe a sigh of relief as the Institute for Energy Security (IES) projects that fuel prices will remain unchanged for the initial two weeks of September 2023.

This forecast is anchored in a combination of factors, including a notable deceleration in international movements of petroleum products and a cedi that holds firm against the U.S. dollar, observed during the second-pricing window of August 2023.

Intriguingly, the latest statistics from the Standard & Poor (S&P) Platt platform revealed shifting dynamics in the pricing of various finished petroleum products during the preceding window.

Gasoline, or petrol, underwent a trade value increase from $967.29 to $989.48 per metric tonne. Gasoil, commonly known as diesel, experienced a more modest change, with prices moving from $901.73 to $912.68 per metric tonne.

Simultaneously, the price of Liquid Petroleum Gas (LPG) saw an upward shift from $547.52 to $557.05 per metric tonne. These fluctuations translated into price hikes of 2.29% for gasoline, 0.13% for diesel, and 1.7% for LPG, respectively.

The IES’s meticulous scrutiny of the foreign exchange (forex) market spotlighted the Ghana cedi, which exhibited a marginal depreciation against the U.S. dollar, shifting from ¢11.39 to ¢11.45 over the past fortnight.

This slight devaluation represented a 0.52% dip in the Ghana cedi’s value during the analyzed period.

RelatedPosts

Global Shipping Emissions Deal Sinks After Last-Minute Collapse

Silver Price Falls More Than 6% as Precious Metals Retreat

President Mahama to Launch $1.5bn Special Economic Zone, Expected to Create 60,000 Jobs

In the domestic fuel arena, the second pricing window of August saw the cost of local petroleum products ascending by 5% for diesel and 3.90% for petrol.

Drawing from a random sampling of price data from various Oil Marketing Companies (OMCs) over the span of two weeks, the IES ascertained that the nationwide average prices per liter stood at ¢13.02 for petrol, ¢12.85 for diesel, and ¢13.14 per kilogram of LPG.

On the international stage, Brent Crude, a key global oil benchmark, achieved a sale price of $84.48 per barrel on August 28, 2023, with an average barrel price of $84.16. A significant contributing factor to this situation is China’s ongoing property crisis, a predicament that has cast a shadow over market risk appetites and ignited concerns about the nation’s economic vitality.

Despite these apprehensions, oil consumption data from China presents a contrary perspective, indicating that fears of a pronounced dip in global demand might be unwarranted.

Tags: Fuel Prices Expected to Hold Steady for First Half of September 2023Institute for Energy Security (IES)Says IES ProjectionSlowed International Movements and Stable Exchange Rates Contribute to Price Stability
No Result
View All Result

Highlights

Ghana’s Oil Revenues Under Pressure: NorvanReports Xspace to Probe Whether Petroleum Can Still Power Development

Ghana Unveils 500,000-Job Plan Through Expansion of Economic Crops

GPL: Medeama and Samartex share spoils in Tarkwa thriller as Dreams FC secure first win of the season

Premier League: Postecoglou Sacked After Forest Defeat; Arsenal Stays Top with Win at Fulham

Verstappen Clinches Pole Position for US Grand Prix in Austin

Let’s Collaborate to Exploit Full Potential of AfCFTA – Mahama to Grenada PM

Trending

Business

Global Shipping Emissions Deal Sinks After Last-Minute Collapse

October 19, 2025

Global Shipping Emissions Deal Sinks After Last-Minute Collapse A decade-long effort to make the shipping industry the...

Silver Price Falls More Than 6% as Precious Metals Retreat

October 19, 2025

President Mahama to Launch $1.5bn Special Economic Zone, Expected to Create 60,000 Jobs

October 19, 2025

Ghana’s Oil Revenues Under Pressure: NorvanReports Xspace to Probe Whether Petroleum Can Still Power Development

October 19, 2025

Ghana Unveils 500,000-Job Plan Through Expansion of Economic Crops

October 19, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.