A section of Oil Marketing Companies (OMCs) have begun lowering petroleum product prices in line with anticipated adjustments at the pumps.

Star Oil is leading the charge, now offering petrol at ₵13.65 per litre, down from ₵13.93.

This marks a ₵0.28 reduction, which is a 2.01 percent decrease.

Diesel prices have dropped by over 3.17 percent, now selling at ₵14.02 per litre.

As a result, Star Oil customers will save ₵0.46 per litre.

The media has it that more OMCs are likely to adjust their prices

IES forecast

Earlier, the Institute for Energy Security (IES) forecasted a decrease in petroleum product prices ranging from 2% to 4% for petrol, diesel, and Liquefied Petroleum Gas, starting August 1, 2024.

This prediction comes in light of the Ghana cedi's slower depreciation in the latter part of July 2024 and positive trends in the international market.

IES reported that petrol and diesel prices dropped by 2.99% and 4.59% respectively, while LPG saw a 1.10% reduction in the second half of July 2024.

“Precisely, the price of gasoline [petrol] fell by 2.99%, gasoil [diesel] by 4.59%, and LPG by 1.10% in the second half of July 2024.  The Ghana cedi also recorded slowed depreciation (0.52%), the lowest since February 2024.

"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”.

World Oil Market

The second pricing window for July 2024 for the first time since the post-OPEC+ meeting saw Brent crude futures dropping below $80 per barrel.

This was driven lower by disappointing global demand as Chinese imports in July 2024 hit the lowest level in two years.

Brent Crude traded at $78.70 per barrel compared to $83.03 per barrel at the start of the pricing window.

Local Fuel Market Performance

In the second pricing window of July 2024, liquid fuel prices rose significantly at local fuel stations.

Oil Marketing Companies (OMCs) raised the per litre price of petrol by GH¢0.30 and Gasoil by GH¢0.20.

According to IES calculations, during the first pricing window of July 2024, the national average prices for refined petroleum products were GH¢14.23 per litre for petrol, GH¢14.70 per litre for diesel, and GH¢15.22 per kilogramme for LPG.