Ghanaians can expect a slight relief at the pump as fuel prices are set to decrease by 2% to 4% for petrol, diesel, and liquefied petroleum gas (LPG) starting tomorrow, August 1, 2024.
The Institute for Energy Security (IES) attributed this decline to the slowdown in the Ghana cedi’s depreciation and favorable international market conditions.
Brent crude prices have dropped below $80 per barrel, contributing to the decrease in local fuel costs.
Despite the upcoming reduction, fuel prices have been on an upward trend in recent months.
The IES anticipates that this downward adjustment will provide some respite for consumers struggling with the rising cost of living.
The IES will continue to monitor fuel prices and market conditions closely.
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