In the first pricing window of July, the Institute of Energy Security (IES) has forecasted a minor decrease in the prices of diesel and Liquefied Petroleum Gas (LPG).

The IES attributes this slight reduction to the decline in the prices of gasoline and LPG. However, petrol prices will remain unaffected.

Over the past month, gasoline and LPG have experienced a 2.6% and 3.09% decrease in their prices.

However, due to the depreciation of the cedi, the price decline does not significantly impact the overall pump prices.

“The various changes in the price of the commodities on the international fuel market are expected to affect local market prices in Ghana. For the first two weeks in July, following a price decrease of 2.64%, 3.09% for Gasoil and LPG,” the IES projects.

According to the data provided by the Global Standard & Poor (S&P) Platt platform, the Institute of Energy Security (IES) has reported the closing prices for Gasoline, Gasoil, and LPG in the second pricing window of June 2023. The prices per metric tonne are as follows: Gasoline - $811.80, Gasoil - $709.84, and LPG - $306.25.

In comparison to the previous pricing window, there was a slight increase of 0.95% in Gasoline prices, while Gasoil and LPG experienced decreases of 2.64% and 3.09% respectively.

It is worth noting that the current crude oil prices remain significantly below the projections made by analysts at the end of June 2023.