Source: newsthemegh.com
The second pricing window of October 2023, according to the Institute for Energy Security (IES), will see a 2 to 6 percentage point decline in gasoline prices at the pump.
The global energy market’s dynamic changes, as indicated by the price decline, are directly reflected, claims the IES. Consumers should be relieved of some of their financial burden as a result of the decrease in pump prices for all the major petroleum products, including gasoline, diesel, and liquefied petroleum gas (LPG).
The recent drop in refined product prices on the global gasoline market is the primary driver of this downward price adjustment.
This significant decline, which amounts to 13.06 percent for gasoline (petrol), 6.40 percent for diesel fuel, and 9.67 percent for LPG, respectively, can be linked to the changing nature of the world’s energy market.
Notably, the Cedi’s 1.42% loss against the US dollar has also been crucial in the readjusting of prices.
This price adjustment is highlighted by data from the Global Standard & Poor’s (S&P) Platt averages for the first pricing window in October 2023. According to the report, the price of gasoline, diesel, and LPG traded at $848.30, $929.36, and $530.64 per metric tonne, respectively.
In the global fuel market, this change has a net price impact on all refined petroleum products of 13.06, 6.4, and 9.67%.
Oil Marketing Companies (OMCs) have exhibited a range of reactions about petroleum product prices in the local fuel market.
In reaction to global trends, certain industry leaders, including Go Energy and Total Energies, have kept the prices of gasoline and diesel the same. However, other market leaders have made only slight modifications, raising the price of diesel by about GHC 0.25 per liter.
As a result of the influence of global forces on local dynamics, the price of LPG has increased four times in a row, with a minor increase of roughly GHC 0.40 per kilogramme on the local market.