IES Forecasts Stability in Petrol and Diesel Prices in First Pricing Window of September
The Institute for Energy Security (IES) has indicated that prices for liquid fuels, including gasoil (diesel) and gasoline (petrol), are likely to remain stable in the near term, despite a modest downturn in global prices.
The IES reports a 1.95% decline in the price of petrol and a 1.02% drop in diesel on the international market.
However, the outlook for Liquefied Petroleum Gas (LPG) is less favorable, with a projected price increase of approximately 2% expected in the coming days.
This anticipated rise in LPG prices marks the second consecutive increase in as many pricing windows, driven by a 2.88% rise in global LPG prices and compounded by the persistent depreciation of the Ghanaian Cedi against the U.S. dollar.
The local currency recorded a 0.47% decline over the period, with the Cedi trading at GH₡15.74 at the close of second the trading window, compared to GH₡15.66 at the beginning of the second pricing window in August 2024.
Local Fuel Market Performance
The second pricing-window of August 2024 saw Oil Marketing Companies (OMCs) reduce the price of liquid fuels on the local fuel market.
The price per litre of gasoline and gasoil decreased by an average of GH₵0.10, based on price data compiled from OMCs operating in the local fuels market over the period.
The Institute for Energy Security’s (IES) computation of the national average price for the three refined petroleum products during the first pricing window of August 2024 shows gasoline and gasoil sold at GH₵13.91 and GH₵14.40 per litre, respectively, while LPG was priced at GH₵15.10 per kilogram (kg).
The IES Marketscan identifies Star Oil, Zen Petroleum, and Benab Oil as the OMCs offering the lowest prices over the last two weeks.
World Fuel Market
Monitoring of the global Standard & Poor’s (S&P) Platts data on petroleum products’ performance in the world fuel market shows that the prices of Gasoline and Gasoil continued to decline in the second pricing-window of August 2024.
LPG on the contrast had its price increase during the same period. Published data for the second pricing-window of August 2024 shows Gasoline closed at $779.10 per metric tonne, Gasoil at $712.88 per metric tonne, and LPG at $559.95 per metric tonne.
The net changes indicate that LPG prices inched-up by 2.88%, whereas Gasoline and Gasoil prices declined by 1.95% and 1.02%, respectively.
