The price of petrol is expected to go up by 2.0% from July 1, 2024, for the next two weeks, the Institute for Energy Security has revealed.

At the same time, the price of diesel will surge by 4.0%, whilst that of Liquified Petroleum Gas (LPG) will shoot up by 5%.

The expected increase in fuel prices is due to the depreciation of the cedi against the US dollar and the increase in the prices of finished petroleum products on the international market.

“Following the negative price changes recorded on the international market for petroleum products adding to the consistent fall (-1.85%) of the Ghana Cedi, fuel prices at the local pumps are expected to surge. Considering the developments in the foreign fuel market and the domestic forex market, the Institute for Energy Security (IES) anticipates an increase in fuel prices in the first half of July 2024, on account of the worsening performance of the Ghana cedi”.

World Fuel Market

The IES said its monitoring of the global Standard & Poor's (S&P's) Platts on petroleum products performance in the world fuel market shows that the price of petrol, diesel, and LPG increased in the second pricing window for June 2024.

The published data for the second pricing window of June 2024 showed that petrol closed at $816.61 per metric tonne. Diesel went for $778.32 per metric tonne, and LPG closed at $477.80 per metric tonne. The net changes indicate that the price of petrol has increased by 1.45%, diesel by 6.84%, and LPG by 9.03%.

Local Fuel Market Performance

The IES daily monitoring of activities on the domestic fuel market for the second pricing window for June 2024 observed relative stability in the price for liquid fuels from Oil Marketing Companies (OMCs).

Diesel and petrol sold at GH₡14.06 and GH₡14.26 per litre respectively, whereas LPG went for GH₡15.96 per kilogramme.