Oyenews has received updates that all others remaining equal, the Institute for Energy Security (IES) predicts that diesel prices will fall somewhat at the pumps starting tomorrow, November 16, 2022.
However, the price of gasoline will remain unchanged, while the price of Liquefied Petroleum Gas would climb by approximately 4%.
“The Institute for Energy Security (IES) recognizes the significant increase in the price of Liquefied Petroleum Gas (LPG) on the international market as well as the marginal stability in the local currency and predicts that the commodity’s price on the domestic market will rise by approximately 4%.”
“A minor increase in the price of gasoline [petrol] on the international market will not be sufficient to create a price shift in the local market.” As a result, the IES anticipates some domestic price stability for gasoline. According to IES, the price of Gasoil per litre may decline slightly as a result of the 10.11% drop in international Gasoil prices. “The drop is impending if bulk importers decide not to price in their recent FX losses,” it stated.
At the end of the first Pricing-window in November 2022, key finished goods on the domestic fuel market saw considerable adjustments at the pumps of all Oil Marketing Companies (OMCs). This was in response to a depreciation of the cedi and a spike in international pricing.
The price hikes over the last two weeks raised the national average price per litre of gasoline from ¢16.94 to ¢17.62, implying a 4.01% increase over the period.
The nationwide average price of diesel per litre increased by nearly 23%, rising from ¢18.76 to ¢23.07.
Source: Joy news
