Market

Oil drops by 3% to reflect reductions on market

File photo a fuel pump

Crude oil prices keep plummeting. The commodity is being traded at about 87 dollars a barrel on the international market on Monday.

If this development continues coupled with the Bank of Ghana’s ability to provide enough forex at a good rate for the BDCs, fuel prices in Ghana are likely to decline at the pumps in the next pricing window on December 1, 2022.

Oil prices keep dropping after it decreased by more than 2 dollars a barrel on Friday for a second weekly decline. This is due to concern about weakened demand in China and further increases to U.S. interest rates.

Brent crude is down by 0.72 percent and is being offered at 86 dollars 99 Cents a barrel having reached its lowest level since September at 85 dollars 80 Cents. Should this decline persist petroleum consumers would heave a sigh of relieve as prices could drop a little further.

A strong Cedi could make this a reality. Currently, price of diesel has dropped from GH¢23.49 a litre to GH¢20.50 a litre. Petrol also reduced from GH¢17.99 to GH¢16.82 per litre.

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Liquified Petroleum Gas has not witnessed a decline on the international market and will increase in the next pricing window, December 1, 2022.

 

Source: gbcghanaonline.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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