Fuel Prices to Rise from July 1, 2024 – IES - Onlinetimesgh

Fuel Prices to Rise from July 1, 2024 – IES

Starting July 1, 2024, petrol prices are set to increase by 2.0% for the following two weeks, as reported by the Institute for Energy Security (IES). Additionally, diesel prices will rise by 4.0%, and Liquified Petroleum Gas (LPG) will see a 5.0% hike.

This anticipated surge in fuel prices is attributed to the depreciation of the Ghana cedi against the US dollar and rising costs of finished petroleum products on the global market. The IES noted that the consistent decline of the Ghana cedi, coupled with negative price trends in the international petroleum market, is driving the increase. The cedi’s performance fell by 1.85%, leading to higher fuel costs locally.

Monitoring by the IES of the global Standard & Poor’s (S&P’s) Platts shows that in the second pricing window of June 2024, prices for petrol, diesel, and LPG rose. Petrol ended at $816.61 per metric tonne, diesel at $778.32 per metric tonne, and LPG at $477.80 per metric tonne, reflecting increases of 1.45%, 6.84%, and 9.03% respectively.

In the local market, the IES observed stability in liquid fuel prices during the same period. Diesel and petrol were priced at GH₡14.06 and GH₡14.26 per litre, respectively, while LPG was sold at GH₡15.96 per kilogramme.

Attached is a press statement:


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