The Institute for Energy Security (IES) anticipates that on Saturday, September 16, 2023, the price of diesel will increase by 1 percent and the price of Liquefied Petroleum Gas (LPG) will increase by 4 percent.
On the other hand, it’s likely that petrol prices won’t change during the second pricing window.
“The impending increases are coming on the back of an increase in the international market price of gasoil by 3.33% and LPG by 2.95%, coupled by a 0.97% depreciation of the Ghana cedi against the U.S. dollar on the foreign exchange market. By range, gasoil and LPG prices are expected to go up by 1% to 4% for the next two weeks ending September 2023”.
According to the IES Economic Desk’s review of foreign exchange (forex) market data for the period in question, the Ghana cedi depreciated by 0.97% after trading at 11.50 against the U.S. dollar, up from 11.39 at the end of trade in the previous time period.
The price of a barrel of Brent crude hit its highest point in ten months last week, and it has continued to rise this week, now hovering above $90. Following the announcement of a one million bpd and 300,000 bpd extension in production and exports by Saudi Arabia and Russia, respectively, through the end of 2023, this development occurs.
