The Institute for Energy Security (IES) has forecasted that petrol and diesel prices are likely to remain stable over the next two weeks, offering some relief to consumers amid recent economic fluctuations.
However, Liquified Petroleum Gas (LPG) may see a slight increase in price, with a projected adjustment of around 2% in the coming days.
The IES’s projection is based on a combination of factors, including the recent depreciation of the Ghanaian cedi and a marginal decline in the global prices of liquid fuels. According to the institute, the prices of gasoline and gasoil on the world market have dropped by 1.95% and 1.02%, respectively. In contrast, LPG has seen its price rise for the second consecutive pricing window, with an increase of 2.88% recorded.
“Following the marginal decline in the price of liquid fuels on the world fuels market for gasoline (-1.95%) and gasoil (-1.02%), the price of Liquefied Petroleum Gas (LPG) has recorded its second consecutive increase in the past two pricing windows, presently rising by 2.88%,” the IES stated. The institute also noted the ongoing depreciation of the cedi against the U.S. dollar, which stood at 0.47% at the close of the trading window.
Global Fuel Market Trends
An analysis of the global Standard & Poor’s (S&P) Platts data, which tracks petroleum product prices on the world fuel market, reveals a continued decline in the prices of petrol and diesel during the second pricing window of August 2024. Conversely, LPG prices have experienced an upward trend during the same period.
Data from the second pricing window of August 2024 shows that petrol was priced at $779.10 per metric tonne, diesel at $712.88 per metric tonne, and LPG at $559.95 per metric tonne. These figures reflect a 2.88% increase in LPG prices, while petrol and diesel prices declined by 1.95% and 1.02%, respectively.
Local Fuel Market Performance
On the local front, the second pricing window of August 2024 saw Oil Marketing Companies (OMCs) slightly reducing the price of liquid fuels. The price per litre of gasoline and gasoil dropped by an average of GH₵0.10, according to data compiled from OMCs operating in the local market.
The IES’s analysis of national average prices for the first pricing window of August 2024 indicated that petrol and diesel were sold at GH₵13.91 and GH₵14.40 per litre, respectively, while LPG was priced at GH₵15.10 per kilogram.
With the IES predicting stability in petrol and diesel prices and only a slight uptick in LPG costs, consumers can expect some consistency at the pump in the coming weeks, despite broader economic challenges.