Fuel prices to fall between 2% and 4% August – IES

The Institute for Energy Security (IES) has predicted a reduction in the prices of fuel for the first half of August 2024.

IES attributes the fall to positive market dynamics globally predicting the fall to be between 2-4% in the prices for petrol, diesel and liquefied petroleum gas (LPG).

In a statement dated July 30, Research Analyst, Adam Yakubu noted that, “Following the positive realized 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.”

The institute further revealed that, its computation of the national average price for the three (3) refined petroleum products for the first pricing window for July 2024 shows 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.

Gasoline, gas oil, 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.