As consumers prepare for the February 2024 pricing window, the combined effects of international market fluctuations and currency depreciation are expected to contribute to a notable uptick in fuel prices. The IES advises vigilance as consumers head to the pumps, anticipating changes that reflect the current global economic landscape.
In a recent review of the local fuel market’s second pricing window for January 2024, the Institute for Energy Security (IES) reports a relative stability in Gasoil prices but hints at impending increases across the board. The global fuel landscape, influenced by factors such as escalating tensions in the Middle East and production glitches in the U.S., has led to a surge in crude oil prices.
The Brent Crude Price Trend, depicted graphically, shows fluctuations with recent highs attributed to geopolitical risks and unexpected events, including a Ukraine drone attack on a Russian oil refinery.
Global Standard & Poor (S&P) Platts platform reports price increments for all refined petroleum products as of January 26, 2024, with Gasoline, Gasoil, and Liquefied Petroleum Gas (LPG) recording increases of 2.93%, 4.79%, and 2.44% respectively.
The local forex market reflects a depreciation of the Ghana Cedi against the U.S. Dollar, impacting fuel prices in the domestic market. Analysts predict a future increase in Gasoline by 2%, Gasoil by 3%, and LPG by 2% in the coming days.
As consumers prepare for the February 2024 pricing window, the combined effects of international market fluctuations and currency depreciation are expected to contribute to a notable uptick in fuel prices. The IES advises vigilance as consumers head to the pumps, anticipating changes that reflect the current global economic landscape.
