Petroleum product prices are anticipated to decrease by 2% to 4% for petrol, diesel, and Liquefied Petroleum Gas starting August 1, 2024.

This reduction is attributed to the slowdown in the Ghana cedi's depreciation in the latter part of July 2024 and favorable conditions in the global market.

The Institute for Energy Security (IES) reports that, in the latter half of July 2024, petrol and diesel prices dropped by 2.99% and 4.59% respectively, while LPG decreased by 1.10%.

“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

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

This decline was prompted by weak global demand, with Chinese imports in July 2024 reaching their lowest level in two years.

Brent Crude was priced at $78.70 per barrel, down from $83.03 per barrel at the beginning of the pricing period.

Local Fuel Market Performance

In the second pricing window of July 2024, liquid fuel prices saw a significant increase at local fuel stations.

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

According to IES calculations, the national average price for the three refined petroleum products in the first pricing window of July 2024 showed petrol and diesel at GH¢14.23 and GH¢14.70 per litre respectively, while LPG was priced at GH¢15.22 per kilogram.