Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products in line with expected adjustments at the pumps.

Star Oil has taken the lead, selling a litre of petrol for ₵13.65 from its old price of ₵13.93.

This represents ₵0.28 drop in price, representing 2.01 percent.

Diesel has gone down by more than 3.17 percent and is selling at ₵14. 02.

By this, consumers of Star Oil will pay ₵0.46 less for a litre.

Checks by JOYBUSINESS show that more OMCs may adjust prices soon.

IES forecast

Earlier, the Institute for Energy Security (IES) predicted that prices of petroleum products will fall between 2% and 4% for petrol, diesel, and Liquefied Petroleum Gas, beginning August 1, 2024.  

This follows the slowdown in the depreciation of the Ghana cedi during the second half of July 2024 and the favourable international market dynamics.

According to IES, the price of petrol and diesel fell by 2.99% and 4.59% respectively and LPG by 1.10% in the second half of July 2024.

“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

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

This was driven lower by disappointing global demand as Chinese imports in July 2024 hit the lowest level in two years.

Brent Crude traded at $78.70 per barrel compared to $83.03 per barrel at the start of the pricing window.

Local Fuel Market Performance

The second pricing window for July 2024 saw the price of liquid fuels jump at the pumps on the local fuels market.

Oil Marketing Companies (OMCs) increased the price per litre of petrol by GH¢0.30 and Gasoil by GH¢.20 respectively. 

The IES computation of the national average price for the three refined petroleum products for the first pricing window for July 2024 showed petrol and diesel selling at GH¢14.23 and GH¢14.70 per litre respectively, whereas (LPG) went for GH¢15.22 per kilogramme.