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| Fuel prices to go up marginally from June 16, 2024 – IES. |
The Institute for Energy Security has projected that
during the second part of June 2024, there will be a slight increase in the
price of petroleum products.
This is a result of the Ghana cedi's declining value,
despite the fact that the costs of petrol, diesel and liquefied petroleum gas
(LPG) have decreased for the second consecutive month.
“Gasoline
[petrol], Gasoil [diesel], and Liquefied Petroleum Gas (LPG) have recorded
falling prices for second time in a row. Specifically, price of Gasoline has
fallen by 5.49%, Gasoil by 2.82%, and LPG by 1.48% over the last two weeks.
Following the positive price changes recorded on the international market for
petroleum products, prices at the local pumps should reflect a reduction to
bring some comfort to consumers. However, the consistent poor performance
(3.44%) of the Ghana Cedi against the U.S. Dollar is likely to prevent any
expected drop in fuel price to reflect world fuel market dynamics on the local
fuel market”.
“On the back of above developments in the foreign fuel
market and the domestic forex market, the Institute for Energy Security (IES)
foresees a marginal increase in fuel prices in the Second half of June 2024, on
account of the worsening performance of the Ghana Cedi”, it added.
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World Fuel
Market
Fuel prices continued to fall in the first pricing
window for June 2024, according to IES's monitoring of Standard & Poor's
(S&P) Platts on petroleum products performance in the global fuel market.
According to publicly available statistics, the price
of petrol closed at $804.93 per metric tonne during the first pricing window in
June 2024, while the price of diesel ended at $728.52 per metric tonne. At
$438.20 per metric tonne, LPG also closed.
The net adjustments showed that the cost of petrol
decreased by 5.49%, that of diesel by 2.82%, and that of LPG by 1.48%.
Local Fuel
Market Performance
Oil Marketing Companies' (OMCs') responses to the
IES's daily monitoring of the domestic fuel market for the first price window
for June 2024 were not entirely consistent.
In the closed window, LPG sold for GH₡15.96, indicating
a little rise of around GH₡0.30 per kilogramme (kg).
The price per litre of gasoline was GH₡14.26 and that
of diesel was GH₡14.08.
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Source: HR Forum News
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