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Fuel prices to go up marginally from June 16, 2024 – IES.

Fuel prices to go up marginally from June 16, 2024 – IES.
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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