The Institute for Energy Security has projected that during the second part of June 2024, there will be a slight increase in the price of petroleum products. This is a result of the Ghana cedi’s declining value, despite the fact that the costs of petrol, diesel and liquefied petroleum gas (LPG) have decreased for the second consecutive month.
For the second time in a row, the prices of gasoline (petrol), gasoil (diesel), and liquefied petroleum gas (LPG) have dropped. In the last two weeks, the price of gasoline has decreased by 5.49%, the price of gasoil by 2.82%, and the price of LPG by 1.48%. In light of the favourable price movements observed in the global market for petroleum products, local pump rates ought to decrease in order to provide some relief to customers. Nonetheless, it is unlikely that the Ghana Cedi’s persistently weak performance (3.44%) versus the US dollar will allow any anticipated decline in fuel prices to reflect the dynamics of the global fuel market on the local fuel market.
“The Institute for Energy Security (IES) anticipates a slight increase in fuel prices in the second half of June 2024, on account of the worsening performance of the Ghana Cedi,” the statement continued, “on the back of above developments in the foreign fuel market and the domestic forex market.”
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.
Attached below is a full statement:
IES_JUNE_2024_SECOND_PRICING_WINDOW_PROJECTION
