The price of petrol and diesel are expected to remain same or go down for the next two weeks, beginning October 1, 2024, the Institute for Emery Security have revealed.

However, the price of Liquified Petroleum Gas (LPG) is likely to rise marginally without any external policy intervention.

“Following the mixed reactions in the international fuel market during the closing weeks of September [2024], gasoil and LPG recorded price hikes of approximately 1.5% and 3.83%, respectively, while gasoline [diesel] experienced a decline in price. Additionally, the local cedi has seen a marginal depreciation against the U.S. dollar, trading about 0.49% lower than its counterparts. Given these developments in both the local currency and foreign fuel markets, the local market is expected to experience slowed price movements for liquid fuels, reflecting a degree of stability”.

World Oil Market

Crude oil prices have remained in the $70 per barrel range in mid-September 2024, contrary to earlier predictions of exceeding $100 per barrel.

Market opinions vary, with OPEC+ expecting growth fueled by Chinese imports, while the International Energy Agency (IEA) has consistently revised its growth forecasts downward. The IEA's latest estimate for 2024 global oil demand growth is a modest 900,000 barrels per day, largely due to slowing Chinese consumption, which saw growth in the first half of 2024 at only 800,000 barrel per day year-on-year—the slowest pace since 2020.

In contrast, OPEC forecasts Chinese oil demand growth of over 600,000 barrel per day, adjusting its estimate from 700,000 barrel per day to 653,000 barrel per day.

Local Fuel Market Performance

The prices of liquid petroleum products in the local fuel market continue to fall in the second half of September 2024.

All Oil Marketing Companies (OMCs) tracked in the second pricing window reduced their prices per litre for liquid fuels, specifically petrol (GH₵0.99) and diesel (GH₵0.44).  LPG price went up by GH₵0.50 per kilogramme.

The Institute for Energy Security's computation of the national average price, based on sampled petroleum price data from OMCs in the second pricing window of September 2024, shows that petrol and diesel were sold at GH₵13.21 and GH₵13.69 per litre, respectively, while LPG was priced at GH₵16.43 per kilogramme.