The Institute for Energy Security (IES) has forecasted that petroleum product prices will remain stable on the local fuel market during the second half of August 2024.
This projection is attributed to a combination of the slowed depreciation of the cedi and recent international market trends observed in early August 2024.
Petrol and diesel prices saw a positive shift, with decreases of 2.83% and 4.46%, respectively.
Conversely, Liquefied Petroleum Gas (LPG) experienced a price increase of around 2.66%. Additionally, the Ghana cedi depreciated by 0.77% against the U.S. dollar.
The IES emphasized that barring any regulatory or policy changes, fuel prices are expected to remain steady over the next two weeks.
World Oil Market
Rising instability in the Middle East, combined with weaker demand from China, has had a negative impact on oil prices.
Both Brent Crude and WTI experienced additional price drops during the first pricing window of August 2024. While ongoing geopolitical tensions in the Middle East usually drive oil prices up, current concerns over demand are overshadowing the potential for supply disruptions.
Local Fuel Market Performance
In the first pricing window of August 2024, liquid fuel prices at the pumps dropped for the first time since May 2024.
During this period, the price per litre of petrol and diesel fell by an average of GH₡0.20, according to performance data from local Oil Marketing Companies (OMCs).
The Institute for Energy Security’s (IES) analysis of the national average prices for the three refined petroleum products during this window showed petrol selling at GH₡14.00 per litre, diesel at GH₡14.58 per litre, and LPG at GH₡15.22 per kilogram.