Fuel prices to decrease by up to 4% in August – IES

The Institute for Energy Security (IES has predicted a downward trend in fuel prices for the first half of August 2024, driven by favourable international market conditions. According to the IES, this anticipated price drop is attributed to positive market dynamics globally. The institute predicts a 2-4% decrease in prices for gasoline, gas oil, and […]

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Jul 31, 2024 - 09:11

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Fuel prices to decrease by up to 4% in August – IES

The Institute for Energy Security (IES has predicted a downward trend in fuel prices for the first half of August 2024, driven by favourable international market conditions.

According to the IES, this anticipated price drop is attributed to positive market dynamics globally.

The institute predicts a 2-4% decrease in prices for gasoline, gas oil, and liquefied petroleum gas (LPG), subject to market fluctuations.

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. The Ghana Cedi also recorded slowed depreciation (0.52%), the lowest since February 2024.

In a statement dated July 30, IES Research Analyst Adam Yakubu said, “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.”

The Institute for Energy Security said its computation of the national average price for the three (3) refined petroleum products for the first pricing window for July 2024 show 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.

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