Fuel prices are expected to stay the same during the second half of August 2024, according to the Institute for Energy Security (IES).
This stability is due to a slower depreciation of the Ghanaian cedi and steady international market conditions in early August. Here’s a quick look at the changes:
- Petrol: Prices dropped by 2.83%.
- Diesel: Prices fell by 4.46%.
- Liquefied Petroleum Gas (LPG): Prices increased by about 2.66%.
The IES also noted that unless there are major changes in regulations or policies, fuel prices should remain stable for the next two weeks.
Global Oil Market Trends
The global oil market is facing some challenges. Increased instability in the Middle East and lower demand from China have pushed oil prices down. Both Brent Crude and WTI saw further declines in early August. Despite usual geopolitical tensions pushing prices up, current concerns about demand outweigh potential supply issues.
Local Fuel Market Update
In the first half of August 2024, fuel prices at local pumps decreased for the first time since May 2024. Specifically, petrol and diesel prices dropped by an average of GH₵0.20 per litre.
Here are the average prices for early August:
- Petrol: GH₵14.00 per litre
- Diesel: GH₵14.58 per litre
- LPG: GH₵15.22 per kilogramme
This price stability offers some relief and predictability for consumers and businesses alike.
