The Institute for Energy Security (IES) has predicted a fall in fuel prices in the first half of August 2024.
According to the IES, this decrease is attributed to favourable international market dynamics.
The institute further stated that fuel prices are expected to decline by 2% to 4% for the three petroleum products under review.
Gasoline, gasoline, and Liquefied Petroleum Gas (LPG) recorded favourable prices in the second
pricing window for July 2024. Precisely, the price of Gasoline fell by 2.99%, Gasoil by 4.59%, and
LPG by 1.10% in the second half of the month 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.
“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,” IES Research Analyst Adam Yakubu said.
The Institute for Energy Security said its computation of the national average price for the three (3)
refined petroleum products for the first pricing window for July 2024 show Gasoline and Gasoil
selling at GH₡14.23 and GH₡14.70 per litre respectively, whereas (LPG) went for GH₡15.22 per
kilogram (kg).
The Institute for Energy Security notes 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 at least priced (highest prices) during this period.