IES Predicts Stability in Fuel Prices for First Half of March
The Institute for Energy Security (IES) has projected relative stability in the prices of refined petroleum products on the fuel market for the first half of March 2024.
According to the IES, this forecast is based on recent trends in both the international fuel market and the local foreign exchange market. In the last two weeks of February 2024, global fuel prices showed mixed movements—Gasoil (diesel) prices increased by 1.62%, while Gasoline and Liquefied Petroleum Gas (LPG) prices dropped by 1.73% and 2.11%, respectively.
Despite this, the Ghanaian Cedi continued to weaken against the U.S. Dollar, depreciating by an additional 1% following a 2.18% decline at the start of the second pricing window for February.
The IES noted that the interplay between these factors suggests minimal fluctuations in local pump prices in the coming weeks.
“Considering the changes observed in both the international fuel market and the local forex market over the last two weeks of February 2024, the Institute for Energy Security (IES) anticipates relative stability in the prices of all refined petroleum products on the local fuel market for the first half of March 2024,” it stated.
Local Fuel Market Performance
The second pricing-window of February 2025 saw a general decline in petroleum product prices on the local fuel market, following multiple increases earlier in the year.
About 60% of all Oil Marketing Companies (OMCs) tracked reduced their per-litre prices for both Gasoline and Gasoil, leading to a combined reduction of GH₵0.28 for liquid fuels.
Meanwhile, 40% of OMCs maintained their prices throughout the pricing window. Using a purposive price sampling approach, the Institute for Energy Security (IES) computed the national average prices for the three refined petroleum products.
During this pricing-window, Gasoline and Gasoil were sold at GH₵15.46 and GH₵15.52 per litre, respectively, while Liquefied Petroleum Gas (LPG) remained unchanged at GH₵18.79 per kilogram.
The IES Marketscan identified Benab, Star Oil, and JP as the lowest sellers of Gasoline, while Benab, Allied, and Star Oil offered the lowest prices for Gasoil over the period under review.
World Fuel Market
Monitoring of petroleum price performance data published by Standard & Poor’s (S&P) Platts for the second pricing-window of February 2025, which closed on 26th February 2025, reveals mixed price movements across refined petroleum products.
While Gasoline and LPG recorded price reductions, Gasoil saw a slight price increase, reflecting fluctuations in the global oil market.
At the close of the pricing window: Gasoil increased from $708.67 per metric tonne to $720.16, reflecting a 1.62% rise. Gasoline declined from $722.17 per metric tonne to $709.66, marking a 1.73% drop.
LPG fell from $622.46 per metric tonne to $609.34, representing a 2.11% decrease. The net effects of these price movements indicate that while Gasoil saw a marginal price uptick, both Gasoline and LPG recorded declines.
