Price of crude oil reduces to below $90

The price of crude oil has fallen below $90 dollars to sell at $89.17 as at September 19, 2022.

Crude oil
Price of crude oil reduces to below $90

Brent crude sold at $89.17 on September 19, 2022, whilst WTI crude mostly used in the USA went for $84.20.

This is however the second time this year the commodity has fallen to below $90 since the global recession began this year.

According to myjoyonline reports, an analyst at Price Futures Group, Phil Flynn, stated that the oil market’s biggest concern is centered on happenings in Europe.

“Right now, the market is basing its concerns about what will happen due to sharply higher energy prices in Europe, slowing demand in Europe, and interest rates rising,” she said.

However, Ghana may not benefit from the reduction in global fuel prices due to the depreciation.

According to him, Ghana will continue to gain little or nothing from the reduction in fuel prices until the cedi begins to appreciate.

“Prices on the global market have gone down, but our consumers may not benefit from that because our local currency, the cedi, which is the key variable in the determination of local market prices keeps depreciating against the imparting currency being the dollar,” he is quoted by citinewsroom.com.

“If the cedi continues on this tangent, then the Ghanaian consumers may not benefit from any price reduction on the international market. If we are not fortunate, and we keep seeing increases in prices we will see our prices go up. We may start selling a litre for 17 cedis,” Nana Amoasi III stressed.

Price of crude oil reduces to below $90
Price of crude oil reduces to below $90

Other stories

Related Posts

Aviation Products Liability Insurance: Protecting Manufacturers

Aviation products liability insurance is a specialised type of insurance designed to protect manufacturers of aviation products from liability claims arising from defects or malfunctions in their products. This insurance…

Read more

Continue reading
GHACEM’s Price Reduction: A Boost to the Construction Industry

In a significant development for the construction industry and consumers, GHACEM has reduced the price of its cement from GHS 120 to GHS 82 per bag. This substantial price drop…

Read more

Continue reading

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Ghana’s Ambulance Scandal: Ken Ofori-Atta Faces Interpol Red Notice

  • By djfly
  • June 2, 2025
  • 4 views
Ghana’s Ambulance Scandal: Ken Ofori-Atta Faces Interpol Red Notice

Aviation Products Liability Insurance: Protecting Manufacturers

  • By djfly
  • May 19, 2025
  • 10 views
Aviation Products Liability Insurance: Protecting Manufacturers

Airport Insurance: Protecting the Hub of Aviation

  • By djfly
  • May 19, 2025
  • 13 views
Airport Insurance: Protecting the Hub of Aviation

Airline Insurance: Protecting the Skies

  • By djfly
  • May 19, 2025
  • 13 views
Airline Insurance: Protecting the Skies

GHACEM’s Price Reduction: A Boost to the Construction Industry

  • By djfly
  • May 19, 2025
  • 40 views
GHACEM’s Price Reduction: A Boost to the Construction Industry

‘I Am Not Gay, and I Will Never Be

  • By djfly
  • May 18, 2025
  • 40 views
‘I Am Not Gay, and I Will Never Be