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Prices of petroleum products to rise marginally from June 16, 2024 – IES

The Institute for Energy Security (IES) has predicted a marginal increase in the prices of petroleum products for the second half of June 2024.

This is primarily due to the declining performance of the Ghanaian cedi, despite falling prices for petrol, diesel, and Liquefied Petroleum Gas (LPG) on the international market for the second consecutive period.

In detail, the prices of Gasoline (petrol), Gasoil (diesel), and LPG have decreased by 5.49%, 2.82%, and 1.48% respectively over the past two weeks.

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The decline in international prices typically suggests that local pump prices should also decrease, providing some relief to consumers.

However, the Ghana cedi’s persistent depreciation by 3.44% against the U.S. dollar is likely to negate these benefits, preventing a reduction in local fuel prices.

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The IES has noted that, based on these international and domestic market conditions, a slight increase in fuel prices is expected in Ghana for the latter half of June 2024, driven by the cedi’s continued poor performance.

Global market data for the first pricing-window of June 2024 revealed that petrol closed at $804.93 per metric tonne, diesel at $728.52 per metric tonne, and LPG at $438.20 per metric tonne, reflecting the recent price drops of 5.49%, 2.82%, and 1.48%, respectively.

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Domestically, the IES observed mixed responses from Oil Marketing Companies (OMCs) during the first pricing-window of June 2024. LPG saw a slight price increase, selling at GH₡15.96 per kilogramme, which is about GH₡0.30 more than the previous period. Petrol and diesel prices were GH₡14.26 and GH₡14.08 per litre, respectively.

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