The prices of petroleum products will remain stable on the local fuel market for the second half of August 2024, the Institute for Energy Security has predicted.
This is due to the combined effects of the slowed depreciation of the local currency and the international market activities observed in the first half of August 2024.
The price of petrol and diesel remained positive, recording decreases of 2.83% and 4.46%, respectively.
In sharp contrast, Liquified Petroleum Gas recorded a price increase of about 2.66%. Additionally, the Ghana cedi depreciated by 0.77% against the U.S. dollar.
The IES pointed out that in the absence of sectorial regulatory and policy disruptions, fuel prices will remain unchanged for the next two weeks.
World Oil Market
There is a growing instability in the Middle East, coupled with weaker demand from China. This has negatively impacted oil prices.
Both Brent Crude and WTI saw further price declines during the first pricing window of August 2024. Although the ongoing geopolitical risks in the Middle East typically provide a bullish driver for oil prices, demand concerns currently outweigh the possibility of supply disruptions.
Local Fuel Market Performance
The first pricing window of August 2024 saw the price of liquid fuels fall at the pumps, marking the first drop since May 2024.
Specifically, the price per litre of petrol and diesel decreased by an average of GH0.20, based on performance data of local Oil Marketing Companies (OMCs) monitored over the period.
The IES computation of the national average price for the three refined petroleum products during the first pricing window of August 2024 showed that petrol and diesel sold at GH₡14.00 and GH₡14.58 per litre respectively, while LPG was priced at GH₡15.22 per kilogramme.
Credit: Joy Business