Fuel prices are expected to go up marginally on Thursday, February 1, 2024.
According to the Institute for Energy Securities (IES), this is due to a marginal increase in the price of finished petroleum products and the depreciation of the cedi. The price of petrol and Liquefied Petroleum Gas will go up by 2 percent while diesel will increase by 3 percent.
The IES says consumers going to the pumps in the coming days are likely to see a 2 percent increase in LPG prices as well.
According to the Global Standard & Poor (S&P) Platts platform, the price increment has been recorded for all refined petroleum products as of January 26, 2024.
A comparative analysis of the refined price data indicates an increase of 2.93 percent, 4.79 percent, and 2.44 percent for petrol, diesel, and LPG.
The second pricing-window saw some relative stability in diesel on the local fuels market.
The continuous monitoring of Oil Marketing Companies (OMCs) by the IES on the market revealed that prices remained unchanged for the two main liquid fuels in the first week of the pricing window.
However, few of them reviewed the price of petrol in the second week.
