The Institute for Energy Security (IES) predicts a downward trend in fuel prices for the first half of August 2024, owing to favorable international market conditions.
According to the IES, the expected price decline is due to improved global market dynamics.
Prices for gasoline, gas oil, and liquefied petroleum gas (LPG) are expected to fall 2-4%, depending on market conditions, according to the institute.
The second pricing window for July 2024 saw favorable prices for gasoline, gas oil, and liquefied petroleum gas (LPG). Specifically, the price of gasoline declined by 2.99%, oil by 4.59%, and LPG by 1.10% in the second half of July 2024. The Ghana Cedi also had a steady fall (0.52%), the lowest since February 2024.
In a statement dated July 30, IES Research Analyst Adam Yakubu stated, “Following the positive realized 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 drop in fuel prices in the coming days.
“This anticipated fall in the first half of August 2024 is attributable to the favourable international market dynamics. Fuel Prices are expected to fall between 2% and 4% for the three petroleum products under review.”
Read Also: Ninety-three killed, dozens trapped in India landslides
According to the Institute for Energy Security, the national average price for refined petroleum products in July 2024 is GH₡14.23 for gasoline and GH₡14.70 for oil, and GH₡15.22 for LPG.
According to the Institute for Energy Security, Oil Marketing Companies (OMCs) such as Star Oil, Zen Petroleum, and Benab Oil have been selling at higher prices over the previous two weeks, with at least priced (highest prices) during this time.
