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 GH₡0.20 per liter. This marks the first price reduction since May 2024.
Currently, the national average prices stand at GH₡14.00 per liter for gasoline and GH₡14.58 per liter for diesel, while LPG is priced at GH₡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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