The Institute for Energy Security (IES) is projecting a price stability for petrol and diesel for the next two weeks.

However, Liquified Petroleum Gas (LPG) could see a marginal upward price adjustment of about 2% in the coming days.

Its projection took into consideration the recent deprecation of the cedi and the marginal decline in the price of liquid fuels on the world market.

“Following the marginal decline in the price of liquid fuels on the world fuels market for gasoline (-1.95%) and gasoil (-1.02%). The price of Liquefied Petroleum Gas (LPG) has recorded its second consecutive increase in the past two pricing windows, presently rising by 2.88%, the continuous depreciation of the local currency against the U.S. dollar stood at (0.47%) at the close of the trading window”, it said.

World Fue Market

The monitoring of the global Standard & Poor's (S&P) Platts data on petroleum products' performance in the world fuel market shows that the prices of petrol and diesel continued to decline in the second pricing-window of August 2024.

LPG on the contrast had its price increase during the same period.

Published data for the second pricing-window of August 2024 also showed that petrol closed at $779.10 per metric tonne, diesel at $712.88 per metric tonne, and LPG at $559.95 per metric tonne. The net changes indicate that LPG prices inched-up by 2.88%, whereas petrol and diesel prices declined by 1.95% and 1.02%, respectively.

Local Fuel Market Performance

The second pricing-window of August 2024 saw Oil Marketing Companies (OMCs) reducing the price of liquid fuels on the local fuel market.

The price per litre of gasoline and gasoil decreased by an average of GH₵0.10. This is based on price data compiled from OMCs operating in the local fuels market over the period.

The  IES computation of the national average price for the three refined petroleum products during the first pricing window of August 2024 showed that petrol and diesel sold at GH₵13.91 and GH₵14.40 per litre, respectively, while LPG was priced at GH₵15.10 per kilogramme (kg).