Fuel prices expected to fall between 2% and 4% in August – IES

The Institute of Energy Security (IES) had predicted a reduction in fuel prices for the first half of the August pricing window.

This downward trend, the IES says is attributed to favourable international market dynamics.

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

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.”

IES said Gasoline, Gasoil, and Liquefied Petroleum Gas (LPG) recorded favourable prices in the second pricing-window for July 2024.

Precisely, 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 its statement, IES 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).

According to the IES market scan, 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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