The Institute for Energy Security (IES) has forecast a decline in fuel prices for the first half of August 2024.
According to the IES, this expected decrease of 2% to 4% is due to favorable international market conditions.
The institute noted that gasoline, gasoil, and Liquefied Petroleum Gas (LPG) saw favorable price changes in the second pricing window for July 2024.
Specifically, the price of gasoline fell by 2.99%, gasoil by 4.59%, and LPG by 1.10%.
The Ghana Cedi experienced a slower depreciation of 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 stated.
The Institute for Energy Security reported that for the first pricing window of July 2024, the national average prices are GH₡14.23 per litre for gasoline, GH₡14.70 per litre for gasoil, and GH₡15.22 per kilogram for Liquefied Petroleum Gas (LPG).
The Institute also observed that Oil Marketing Companies (OMCs) like Star Oil, Zen Petroleum, and Benab Oil have been charging higher prices over the past two weeks, indicating some of the highest prices during this period.
