OMCs Reduce Fuel Prices As Expected Adjustments Begin
Some Oil Marketing Companies (OMCs) have initiated reductions in petroleum product prices, with Star Oil leading the way by decreasing its petrol price to ₵13.65 per litre from ₵13.93, marking a 2.01% drop.
Diesel prices have also been reduced by over 3.17%, now selling at ₵14.02 per litre, saving consumers ₵0.46 per litre. Other OMCs are expected to follow suit soon.
IES Forecast
The Institute for Energy Security (IES) had earlier predicted a 2% to 4% decrease in prices for petrol, diesel, and Liquefied Petroleum Gas (LPG) starting August 1, 2024.
This forecast is attributed to the slowdown in the Ghana cedi’s depreciation and favourable international market conditions.
In the latter half of July 2024, petrol prices fell by 2.99%, diesel by 4.59%, and LPG by 1.10%, alongside a 0.52% depreciation of the cedi.
World Oil Market
The second pricing window for July 2024 saw Brent crude futures dip below $80 per barrel for the first time since the post-OPEC+ meeting, driven by lower global demand and a two-year low in Chinese imports.
Brent Crude traded at $78.70 per barrel, down from $83.03 at the start of the pricing window.
Local Fuel Market Performance
In the local market, the second pricing window of July 2024 saw a price hike in liquid fuels, with OMCs raising petrol prices by GH₵0.30 per litre and diesel by GH₵0.20 per litre.
The national average price for the first pricing window of July 2024 was GH₵14.23 per litre for petrol, GH₵14.70 per litre for diesel, and GH₵15.22 per kilogram for LPG.
