Fuel costs to fall somewhere in the range of 2% and 4%- IES

 

The expenses of petroleum products are predicted to fall between 2% and four% for petrol, diesel, and Liquefied Petroleum Gas, starting the next day August 1, 2024.  

This follows the slowdown within the depreciation of the Ghana cedi at some stage in the second one 1/2 of July 2024 and the beneficial international marketplace dynamics.

According to the Institute for Energy Security (IES), the charge of petrol and deisel fell through 2.99% and four.59% respectively and LPG by using 1.10% in the 2nd half of of July 2024.

“Precisely, the price of fuel [petrol] fell with the aid of 2.Ninety nine%, gasoil [diesel] by 4.Fifty nine%, and LPG by way of 1.10% within the 2nd half of July 2024.  The Ghana cedi additionally recorded slowed depreciation (0.52%), the lowest in view that February 2024.

"Following the effective realised at the overseas fuel marketplace coupled with the slowed depreciation of Ghana Cedi recorded on the domestic foreign exchange market, the Institute for Energy Security (IES) projects a fall in fuel fees in the coming days”.

World Oil Market

The 2d pricing window for July 2024 for the first time since the submit-OPEC  assembly noticed Brent crude futures losing under $eighty consistent with barrel.

This changed into pushed decrease via disappointing international call for as Chinese imports in July 2024 hit the bottom stage in two years.

Brent Crude traded at $78.70 in step with barrel compared to $eighty three.03 in step with barrel on the start of the pricing window.

Local Fuel Market Performance

The 2nd pricing window for July 2024 saw the rate of liquid fuels jump at the pumps at the nearby fuels market.

Oil Marketing Companies (OMCs) increased the rate in keeping with litre of petrol by means of GH¢0.30 and Gasoil by way of GH¢.20 respectively. 

The IES computation of the countrywide average charge for the three subtle petroleum products for the primary pricing window for July 2024 showed petrol and diesel selling at GH¢14.23 and GH¢14.7 per litre respectively, whereas (LPG) went for GH¢15.22 per kilogramme.