Oil prices are expected to stabilise at around $84 per barrel for the rest of the year.
According to Global Economist, Emerging Markets at Fitch Solutions, John Ashbourne, this is influenced by developments in the global economy such as the Russian invasion of Ukraine.
Speaking on “Emerging Market Monetary Policy, Understanding the Pivot”, John Ashbourne, said the prices of crude oil will, however, rise slightly in 2024.
“Oil prices in dollars per barrel was a huge kick in 2022 with the Russian invasion of Ukraine. Since then, oil prices has gone down a bit, so oil prices will stabilise around $83-84 per barrel.”
“This shows the change in commodity prices between each of these years compared to the preceding years. So in 2022, the average price in 2022 is compared to the price in 2021. In 2023 is compared to 2022 and so on”, he added.
The average price of Brent crude oil in 2022 was $100.93 per barrel. In 2021, the average price of Brent crude oil was however $70.86 per barrel, whilst the price was $41.96 per barrel.
Mr. Ashbourne also said the price of crude oil will impact inflation but will not be the same as in 2022.
“The shape is relatively similar, which I would say that prices of most commodities jumped dramatically in 2022”.
He concluded that “The push of commodity prices is very negative compared to this year. It will be slightly positive in most cases next year, but not by very much”.
If oil prices hover around $84 per barrel, fuel prices in Ghana will largely remain same till the rest of the year.