IES: LPG prices will rise by 5% and petrol prices by 2%.

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According to a forecast by the Institute for Energy Security, there is an expected 2.0% increase in petrol prices starting on July 1, 2024, and lasting for the next two weeks.

Diesel prices will increase by 4.0% at the same time as liquefied petroleum gas (LPG) prices will climb by 5%.

The depreciation of the cedi in relation to the US dollar and the increase in the price of refined petroleum products on the international market are anticipated to cause fuel prices to rise.

“Fuel prices at the local pumps are expected to surge following the negative price changes recorded on the international market for petroleum products adding to the consistent fall (-1.85%) of the Ghana Cedi.” The Institute for Energy Security (IES) predicts that gasoline prices would rise in the first half of July 2024 due to the weakening value of the Ghana cedi, taking into account changes in both the local and foreign fuel markets.

Global Fuel Trade

The IES reported that the price of petrol, diesel and LPG increased in the second pricing window for June 2024 based on its monitoring of the performance of petroleum products in the global fuel market as reported by Standard & Poor’s (S&P) Platts.

According to statistics released for the second pricing window ending in June 2024, the closing price of fuel per metric tonne was $816.61. LPG closed at $477.80 per metric tonne, while diesel sold for $778.32. According to the net changes, the cost of petrol has gone up 1.45%, diesel has gone up 6.84%, and LPG has gone up 9.03%.

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Performance of the Local Fuel Market

The price of liquid fuels from Oil Marketing Companies (OMCs) has remained relatively stable, according to the IES’s daily monitoring of activity on the domestic fuel market during the second pricing window for June 2024.

LPG was sold for GH₯15.96 per kilogramme, while diesel and gasoline were priced at GH₯14.06 and GH₯14.26 per litre, respectively.