IES Predicts Stable Diesel and Petrol Prices, Potential 2% Increase in LPG in First-Window of October
The Institute for Energy Security (IES) says it anticipates stable prices for diesel and petrol at the pumps but predicts a possible increase of about 2% for Liquified Petroleum Gas (LPG) in the first-pricing window of the month of October.
The forecast according to the IES is due to the mixed reactions in the international fuel market during the closing weeks of September as diesel and LPG recorded price hikes of approximately 1.5% and 3.83%, respectively, while petrol experienced a decline in price.
Additionally, the cedi has seen a marginal depreciation against the U.S. dollar, trading about 0.49% lower than its counterparts at GHS 15.63.
“Given these developments in both the local currency and foreign fuel markets, the local market is expected to experience slowed price movements for liquid fuels, reflecting a degree of stability. However, LPG prices are likely to rise marginally without any external policy intervention,” stated the IES.
“Specifically, the Institute for Energy Security (IES) anticipates stable prices for liquid fuels but predicts a possible increase of about 2% for LPG in the coming days,” it added.
Local Fuel Market Performance
The prices of liquid petroleum products in the local fuel market continue to fall in the second half of September 2024.
All Oil Marketing Companies (OMCs) tracked in the second pricing window reduced their prices per litre for liquid fuels, specifically gasoline (GH₵0.99) and gasoil (GH₵0.44). Liquified Petroleum Gas price went up by GH₵0.50 per kilogram (kg).
The Institute for Energy Security’s (IES) computation of the national average price, based on sampled petroleum price data from OMCs in the second pricing window of September 2024, shows that gasoline and gasoil were sold at GH₵13.21 and GH₵13.69 per litre, respectively, while LPG was priced at GH₵16.43 per kilogram (kg).
The IES Marketscan identifies Benab Oil, Star Oil, Allied, and Zen Petroleum as the OMCs offering the lowest prices over the last two weeks.
World Fuel Market
Monitoring the global Standard & Poor’s (S&P) Platts data on petroleum products’ performance in the world fuel market shows a mixed reaction in the second pricing window of September 2024.
Published data for this period indicates that gasoline closed at $705.18 per metric tonne, gasoil at $659.41 per metric tonne, and LPG at $567.45 per metric tonne.
The net changes reveal that the price per metric tonne of gasoline fell by 1.26%, while the prices of gasoil and LPG increased by 1.50% and 3.83%, respectively, during the review period.
