Fuel prices are expected to fall between 2% and 5% at the pumps in the coming days, the Institute for Energy Security has projected.

This is due to the gains realised in the foreign fuel market and the slower depreciation of the local currency.

“The international fuel market has seen a significant drop in the prices of refined petroleum products: Gasoline [petrol] (-10.62%), Gasoil [diesel] (-6.09%), and LPG (-2.40%). The Ghanaian cedi also experienced its slowest depreciation in the first pricing window for September, with a change of - 0.09% against the U.S. dollar”.

World Oil Market

Oil prices edged higher in September 11, 2024, with Brent crude for November 2024 delivery up 2.12% to trade at $70.66 per barrel. WTI crude for October 2024 delivery also gained 2.39% to change hands at $67.32 per barrel.

The reversal in the oil price selloff came amid more shutdowns by oil and gas operators in the Gulf of Mexico with hurricane Francine expected to make landfall Wednesday afternoon or evening along the Louisiana coastline.

Local Fuel Market Performance

The first pricing window of September 2024 saw leading Oil Marketing Companies reduce the price of liquid fuels in the local fuel market.

The price per litre of petrol and diesel was lowered by an average of GH₵0.25 for petrol and GH₵0.30 for diesel. This was based on price data compiled from OMCs operating in the local fuels market.

The IES computation of the national average price for the three refined petroleum products during the first pricing window of September 2024 showed that petrol and diesel were sold at GH₵13.65 and GH₵14.10 per litre, respectively, while LPG was priced at GH₵15.10 per kilogramme (kg).