Will Fuel Prices go down in Ghana 2023. Why the constant increase in the prices of Petroleum products in Ghana affecting our transportation fees.
The big controversial Question to ask following the manner in which the prices of goods and services are skyrocketing on daily basis is “Will Fuel Prices go down in Ghana?”
According to Institutes for Energy Security shorten as (IES), The prices of all petroleum products will go down. The forecast they have had depicts that January at the end of the month of February, the prices of fuel need to go down significantly based on the drastic measures put into place to rescue the dollar cedi rate comparatively.
This gymnastics and assumptions was based on the mystisms and dynamic behaviour of the over all performance of the cedis on the world market. Besides, there was a very significant reduction in the prices of petroleum products on the world market.
The percentage fall on the world market was 5.28% and 5.09% in petrol and Liquidized Petroleum Gas (LPG) respectively as well as 26.51% depreciation of the cedi against the dollar rate in December.
Nevertheless, the was a slight rise up of the price of diesel on the world market.The vision ahead of time was that these drastic transformation that took effect as a results of series implementation of mechanisms and measures to sustain and maintain the economy will help rescue the dollar skyrocketing at a constant acceleration.
As at January 5th 2023, the prediction was that, a liter of petrol will appreciate to 9.50ghc while diesel will appreciate to 11.60ghc per liter and 9ghc per kilogram for Liquiedified Petroleum Gas at the end of February.
Today as we speak, 24th January 2023, the cedi against the dollar rate is 12.40ghc.
This clearly states that the prediction about the reduction of the prices of crude oil may be falasious in the sense that the cedi keeps on depreciating making it valueless on the world market.
So when Will Fuel Prices go down in Ghana 2023? well, there will be reduction in the prices of crude oil or petroleum products in Ghana only on one reasonable condition that, the rise in the Ghana cedi rate is stablized to match the dollar rate. Untill then, the price of crude oil will keep on exhibiting tensional force. This is the greatest challenge of the day and for mother Ghana.
Source
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