According to the Institute for Energy Security (IES), diesel prices may marginally decline at the pump starting from tomorrow, November 16, 2022.
However, the cost of gasoline won’t change, while the cost of liquefied petroleum gas would increase by about 4%.
The Institute for Energy Security (IES) forecasts that the price of the good on the local market will increase by about 4% notwithstanding the commodity’s large price increase on the international market and the local currency’s modest stability.
“Even if the price of gasoline [petrol] increases somewhat on the global market, it won’t affect prices domestically. The IES predicts some stability in the domestic price of gasoline as a result. According to IES, the price of Gasoil per litre may be slightly lower as a result of the 10.11% drop in the price of Gasoil internationally. If the bulk importers choose not to account for their recent FX losses, the reduction will happen soon, according to the statement.
Key completed goods on the domestic fuel market underwent considerable modifications at the pumps of all Oil Marketing Companies at the end of November 2022, which was the first Pricing-window (OMCs). Due to the weakening of the cedi and an increase in global pricing, this was done.
The nationwide average price for a litre of gasoline has risen over the last two weeks from 16.94 to 17.62, indicating an increase of 4.01% over that time.
The nationwide average price of diesel increased significantly from 18.76 to 23.07, or nearly 23%.