Institute for Energy Security predicts marginal fuel price increases amid cedi depreciation

The Institute for Energy Security (IES) has warned consumers to brace for possible marginal increases in the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) in the coming days, citing the deteriorating performance of the Ghana cedi.

The energy think tank attributes the expected price adjustments to the recent continuous hikes in the prices of refined petroleum products on

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The IES notes that, coupled with the weak performance of the Ghana cedi, these global market trends are likely to be reflected in the local market in early March 2024.

According to the Global Standard & Poor (S&P) Platts platform tracking, as of February 26, 2024, diesel, petrol, and LPG were priced at $871.75, $840.43, and $599.48 per metric tonne, respectively. The published data indicated a net increase of 1.56%, 3.24%, and 2.92% for diesel, petrol, and LPG, respectively.

The second pricing window of February witnessed a surge in fuel prices at the pumps, aligning with projections in the local fuels market. IES analysis of Oil Marketing Companies (OMCs) activities revealed an average increase of GH¢0.45 per litre for diesel, GH¢0.30 per litre for petrol, and GH¢0.65 per kilogram for LPG.

The national average prices for petrol and diesel were reported at GH¢13.32 and GH¢12.24 per litre, respectively, with LPG selling at GH¢13.65 per kilogramme.

The IES advises consumers to anticipate further marginal increases, emphasizing the influence of global market dynamics and the depreciating value of the Ghana cedi on local fuel prices.