Analyst Predicts Less Tears About Fuel Prices In 2024: “Prices Are Likely To Be Stable”

• The director of the Centre for Environmental Management and Sustainable Energy is expecting stable fuel prices in 2024
• Benjamin Nsiah told YEN.com.gh that demand on the world stage is unlikely to see significant increases that will drive up prices
• Nsiah noted that there was potential for the conflict between Isreal and Hamas to affect the supply of fuel

The director of the Centre for Environmental Management and Sustainable Energy, Benjamin Nsiah, told YEN.com.gh he expects less anguish in the petroleum sector in 2024.

Nsiah said prices are likely to be stable compared to previous years as Ghana wrestled with an economic crisis.

Fuel prices are currently selling for as low as GH₵11.24.

“This year, it is projected that demand will be stable or reduced because of the production of net-zero vehicles.”

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Nsiah also noted the demand for petroleum from China will be a significant factor and cause further reductions if its economy shrinks.

He further said an eye needed to be kept on the conflict between Israel and Hamas, which could affect petroleum prices if the transportation of fuel is affected.

"If it affects the Red Sea where these products are shipped from Saudi Arabia onto the European market, the transportation of these products becomes a challenge and that is likely to add onto the cost of Petroleum products,” he explained.

Nsiah previously noted that stable fuel prices are crucial to ensure a consistent drop in inflation.

Rises in fuel prices generally affect the cost of transport and the prices of food.

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Renewed dumsor concerns

In a separate story, YEN.com.gh reported that Deputy Minority MP Emmanuel Armah-Kofi Buah is demanding a load-shedding timetable.

#DumsorIsBack has been trending online after several Ghanaians experienced power cuts in the last few days.

Buah said the government does not have enough gas to fuel thermal plants because of cash flow issues.

Fears about the return of Dumsor started in May 2022

Meanwhile, YEN.com.gh reported that last year, the rampant unannounced power cuts in large areas of the country prompted concerns about the return of dumsor or intermittent power cuts.

Experts were worried about the country's inability to meet the growing demand for electricity consumption.

But answers from the Energy Ministry and available data dispelled fears that dumsor was back.

At the time, the Chamber of Independent Power Producers and Bulk Consumers (CIPDiB) called for the inclusion of a $1.4 billion debt owed to them by the government in the mid-year budget review.

Source: YEN.com.gh