The prices of petroleum products are expected to go up marginally in the Second half of June 2024, the Institute for Energy Security has predicted.

This is on account of the worsening performance of the Ghana cedi though the prices of finished products of petrol, diesel, and Liquefied Petroleum Gas (LPG) have recorded falling prices for second time in a row.

“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.

World Fuel Market

The IES monitoring of the global Standard & Poor's (S&P's) Platts on petroleum products performance in the world fuel market showed that the price of petrol, diesel and LPG all continued to decline in the first pricing-window for June 2024.

Published data for the first pricing-window of June 2024 indicated that the price of petrol closed at $804.93 per metric tonne, while diesel closed at $728.52 per metric tonne. LPG also closed at $438.20 per metric tonne.

The net changes indicated that the price of petrol fell by 5.49%, diesel by 2.82%, and LPG by 1.48%.

Local Fuel Market Performance

The IES daily monitoring of the domestic fuel market for first pricing-window for June 2024 observed mixed reactions from Oil Marketing Companies (OMCs).

LPG sold at GH₡15.96 reflecting a marginal increase of about GH₡0.30 per kilogramme (kg) in the closed window.

Petrol and diesel went for GH₡14.26 and GH₡14.08 per litre respectively.