Prices of diesel and Liquefied Petroleum Gas are expected to fall marginally in the first two weeks of July 2023.

According to the Institute for Energy Security (IES), this is due to the various changes in the price of the commodities on the international fuel market which will reflect positively in the local market.

However, the price of petrol is expected to remain unchanged.

This is because the international petrol price increase and the Ghana cedi depreciation are insignificant to cause a price increase in the first two weeks of July.

World oil market

The month of June 2023 ended with crude oil prices still trading far below analyst projections at the beginning of year 2023.

IES said several factors played against the commodity performance in the first half of 2023, ranging from global slowed demand due to China’s COVID-19 restrictions to the U.S.A and banking crisis.

Again, supply decisions by leading oil producers through OPEC+ decisions as a body and individual member decisions of production cuts have still not helped the price of crude oil to recover the slump. At close of the trading day on June 30m 2023, Brent Crude price closed at $74.90 per barrel and a 2-week average of $74.85.

Local fuel market performance

Monitored on a 15-day rolling basis, the IES said prices of liquid fuels on the domestic fuel market saw some variations among Oil Marketing Companies (OMCs).

The first week saw some OMCs reduce prices, while others maintained prices from the previous pricing window in the second pricing window for June 2023.

The national average of petrol, diesel and LPG is pegged at ¢11.80, ¢11.83 per litre and ¢10.30 per kilogramme as per IES analysis of price data gathered from the domestic fuel market.