The Institute for Energy Security (IES) has forecasted a decrease in fuel prices for the first half of August 2024, driven by favorable international market conditions.
According to the IES, this anticipated price drop is attributed to positive market dynamics globally. The institute predicts a 2-4% decrease in prices for gasoline, gas oil, and liquefied petroleum gas (LPG), subject to market fluctuations.
In the second pricing window for July 2024, gasoline, gas oil, and LPG recorded favorable prices. Specifically, the price of gasoline fell by 2.99%, gas oil by 4.59%, and LPG by 1.10%.
The Ghana Cedi also experienced slowed depreciation (0.52%), the lowest since February 2024. IES Research Analyst Adam Yakubu noted that the positive performance in the foreign fuel market, coupled with the slowed depreciation of the Ghana Cedi, suggests a fall in fuel prices in the coming days.
The IES stated, “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.”
The IES’s computation of the national average price for the three refined petroleum products for the first pricing window for July 2024 shows gasoline and gas oil selling at GH₡14.23 and GH₡14.70 per liter, respectively, while LPG was priced at GH₡15.22 per kilogram.
The IES also noted that Oil Marketing Companies (OMCs) such as Star Oil, Zen Petroleum, and Benab Oil have been selling at higher prices over the past two weeks, citing these as some of the highest prices during this period.
