The Institute for Energy Security (IES) forecasts a decline in fuel prices for early August 2024, driven by positive international market conditions. The institute expects a 2-4% reduction in prices for gasoline, gas oil, and liquefied petroleum gas (LPG), though these figures may vary with market shifts.
In the latter half of July 2024, gasoline prices decreased by 2.99%, gas oil by 4.59%, and LPG by 1.10%. Additionally, the Ghana Cedi experienced a slower depreciation rate of 0.52%, the lowest since February 2024.
In a statement released on July 30, IES Research Analyst Adam Yakubu announced that the Institute for Energy Security (IES) anticipates a decrease in fuel prices in the coming days. Yakubu attributed this expected decline to favorable international market conditions and a slowdown in the depreciation of the Ghana Cedi on the domestic forex market.
The IES projects that fuel prices will fall by 2% to 4% for gasoline, gas oil, and liquefied petroleum gas (LPG) during the first half of August 2024.
For the first pricing window of July 2024, the national average prices were GH₡14.23 per litre for gasoline, GH₡14.70 per litre for gas oil, and GH₡15.22 per kilogram for LPG. The IES noted that Oil Marketing Companies (OMCs) like Star Oil, Zen Petroleum, and Benab Oil have recently been selling these products at higher prices, marking the peak prices during this period.
