
Ghanaian consumers can expect fuel prices to hold steady for the latter half of August 2024, following a 1.4% decrease in early August, according to the latest analysis from the Institute for Energy Security (IES).
The first half of August saw a welcome decrease in fuel prices, with both gasoline and diesel dropping by an average of GHâ‚¡0.20 per liter. This marks the first price reduction since May 2024.
Currently, the national average prices stand at GHâ‚¡14.00 per liter for gasoline and GHâ‚¡14.58 per liter for diesel, while LPG is priced at GHâ‚¡15.22 per kilogram.
Global factors play a significant role in this stability. Despite ongoing geopolitical tensions in the Middle East, weakened demand from China has led to a decline in global oil prices. Brent crude averaged $82.13 per barrel in early August, down 1.08% from the previous period.
The international fuel market has seen mixed trends, with gasoline and diesel prices continuing to fall, while LPG prices have increased slightly. These changes, combined with a modest 0.77% depreciation of the Ghanaian Cedi against the US Dollar, contribute to the projected price stability.
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