The Institute for Energy Security (IES) predicts a lower trend in fuel prices for the first half of August 2024, owing to favorable worldwide market conditions.
According to the IES, the expected price decline is due to improved global market dynamics. Prices for gasoline, gas oil, and liquefied petroleum gas (LPG) are expected to fall 2-4%, depending on market conditions, according to the institute.
The second pricing window for July 2024 saw favorable prices for gasoline, gas oil, and liquefied petroleum gas (LPG).
Specifically, the price of gasoline declined by 2.99%, oil by 4.59%, and LPG by 1.10% in the second half of July 2024. The Ghana Cedi also had a steady fall (0.52%), the lowest since February 2024.
According to a July 30 statement from IES Research Analyst Adam Yakubu, “The Institute for Energy Security (IES) projects a fall in fuel prices in the coming days following the positive realized on the foreign fuel market coupled with the slowed depreciation of Ghana Cedi recorded on the domestic forex market.”
The favorable dynamics of the global market are to blame for this predicted decline in the first half of August 2024.
For the three petroleum products under consideration, fuel prices are predicted to decrease by 2% to 4%.
According to the Institute for Energy Security, its calculation of the national average price for the first pricing window for July 2024 for the three (3) refined petroleum products shows that LPG sold for GH₯15.22 per kilogram (kg), while gasoline and gasoil sold for GH₯14.23 and GH₯14.70 per liter, respectively.
Oil Marketing Companies (OMCs) like Zen Petroleum, Benab Oil, and Star Oil have been selling at higher prices for the last two weeks, according to the Institute for Energy Security, which also
notes that these prices are the highest during this time.
BY: APPIANIMAA MERCY
