Source: newsthemegh.com
According to the Institute of Energy Security, changes in the global market brought about by Middle East geopolitical unrest and OPEC+’s decision to reduce oil production have raised the price of crude oil, which will have an impact on refined product prices in the coming weeks.
According to IES’ most recent assessment, liquid fuel costs have risen steadily throughout the previous two pricing windows, with the first pricing window in April seeing increases of 7.27% and 0.69%, respectively.
“Ghana’s economic turmoil continues to put pressure on the local currency, leading to its persistent depreciation since February 2024 with the latest being 2.43% in the first pricing window of April” Adam Yakubu, a research analyst, signed the update, which stated.
It stated that because of the dynamics of the global market and the weak performance of the local currency, it is anticipated that the prices of gasoline and gasoil will rise by an additional 5% and 4%, respectively, heading into the second half of April.
On the other hand, LPG consumers may experience some price reductions of roughly 8% in April 2024.