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Rising cost of diesel on international market to affect Ghana

Fuel pump prices/Institute for Energy Security

Ghanaian consumers are likely to see an increase in the price of diesel soon, as bulk distribution companies are compelled to sell stock at losses, if the sharp rises on the international market are not made to reflect at the country’s filling stations.

For the second half of July, diesel prices on the international Platts market jumped from US$766.50 per metric tonne at close of market 14 July 2023 to US$881.75 per mt close of market 28 July 2023. That’s a jump of US$115.25 per metric tonne.

This 15% market jump in price is expected to reflect on the Ghanaian local by more than GHS1.00 per liter at the pump.

As of July 27, 2023, the National Petroleum Authority (NPA) had forecasted an increase in Ex-BIDEC price of about 9.60%, but the hot summer in the US and Europe has pushed up demand for diesel. This is due to the increase in clean diesel use in vehicles.

The US Federal Reserve raised interest rates to a 22-year high on Wednesday as it continued its fight against rising inflation.

Oil derivatives traders of diesel expect diesel prices to hit US$900 in early August and through the tail end of the summer.

The cost of hedging as an indicator of the futures markets is cheaper because prices continue to be on the rise.

For Ghanaians this mean high diesel prices at the pump. Expectation is that diesel prices will hit GHC12 to GHC13 by middle of August, if this trend continuous.

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