Prices for petrol, diesel, and Liquefied Petroleum Gas (LPG) are expected to decrease by 2% to 4% starting August 1, 2024.
This decrease follows a slower depreciation of the Ghana cedi in late July 2024 and favourable conditions in the international market.
According to the Institute for Energy Security (IES), the price of petrol and diesel fell by 2.99% and 4.59% respectively and LPG by 1.10% in the second half of July 2024.
“Precisely, the price of gasoline [petrol] fell by 2.99%, gasoil [diesel] by 4.59%, and LPG by 1.10% in the second half of July 2024. The Ghana cedi also recorded slowed depreciation (0.52%), the lowest since February 2024.
“Following the positive realised on the foreign fuel market coupled with the slowed depreciation of Ghana Cedi recorded on the domestic forex market, the Institute for Energy Security (IES) projects a fall in fuel prices in the coming days”.
On the world oil market, Brent crude futures dropped below $80 per barrel for the second pricing window for July 2024 for the first time since the post-OPEC+ meeting saw
This was driven lower by disappointing global demand as Chinese imports in July 2024 hit the lowest level in two years.
Brent Crude traded at $78.70 per barrel compared to $83.03 per barrel at the start of the pricing window.
Local Fuel Market Performance
The second pricing window for July 2024 saw the price of liquid fuels jump at the pumps on the local fuels market.
Oil Marketing Companies (OMCs) increased the price per litre of petrol by GH¢0.30 and Gasoil by GH¢.20 respectively.
The IES computation of the national average price for the three refined petroleum products for the first pricing window for July 2024 showed petrol and diesel selling at GH¢14.23 and GH¢14.70 per litre respectively, whereas (LPG) went for GH¢15.22 per kilogramme.
Story By Will Agyapong
