By The Institute for Energy Security (IES) forecasts that petrol and diesel prices are likely to remain stable over the next two weeks.
However, Liquefied Petroleum Gas (LPG) may experience a slight price increase of around 2% in the near future.
This projection accounts for the recent depreciation of the cedi and the minor decline in global liquid fuel prices.
“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 continuous depreciation of the local currency against the U.S. dollar stood at (0.47%) at the close of the trading window”, it said.
World Fuel Market
Analysis of global Standard & Poor’s (S&P) Platts data on petroleum products reveals that petrol and diesel prices continued to decrease during the second pricing window of August 2024.
In contrast, LPG prices saw an increase during the same period.
Data for the second pricing window of August 2024 showed petrol closing at $779.10 per metric tonne, diesel at $712.88 per metric tonne, and LPG at $559.95 per metric tonne. The changes indicate that LPG prices rose by 2.88%, while petrol and diesel prices fell by 1.95% and 1.02%, respectively.
Local Fuel Market Performance
During the second pricing window of August 2024, Oil Marketing Companies (OMCs) lowered the prices of liquid fuels in the local market.
The price per litre of gasoline and gasoil dropped by an average of GH₵0.10, according to data compiled from OMCs operating locally.
The IES’s calculation of the national average prices for the three refined petroleum products in the first pricing window of August 2024 revealed that petrol and diesel were priced at GH₵13.91 and GH₵14.40 per litre, respectively, while LPG was priced at GH₵15.10 per kilogram.
