IES – Petrol price to go up 2%, LPG by 5% from July 1, 2024 , For the next two weeks, oil prices will surpass July 1, 2024 by 2.0%, the Energy Security Agency has revealed.
At the same time, diesel prices will increase by 4.0%, while liquefied petroleum gas (LPG) prices will increase by 5%.
The expected increase in oil prices is due to the depreciation of the cedi against the US dollar. against the dollar and the increase in the price of finished petroleum products in the international market
“Following the adverse changes in the international market for petroleum products which contributed to the continued fall of the Ghana Cedi (-1.85%), the price of fuel at local pumps is expected to increase overseas fuel market, domestic, foreign and international. And given the developments in the market, the Institute of Energy and Security (IES) expects fuel prices to increase in the first half of July, due to the deteriorating performance of the Ghana Cedi”.
Global Petrol Market
IES said a global Standard & Poor’s (S&P’s) Platts survey on the performance of petroleum products in the global fuel market showed that petrol, diesel and LPG prices increased during the second price window of June 2024 .
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Data published during the second price window of June 2024 showed that fuel ended at $816.61 per metric ton. Diesel prices rose to $778.32 per metric tonne, while LPG ended at $477.80 per metric tonne. The changes show that petrol prices have increased by 1.45%, diesel by 6.84% and LPG by 9.03%.
local fuel market performance
The IES daily survey of activity in the domestic fuel market during the second price window of June 2024 found relative stability in the prices of liquid fuels from oil marketing companies (OMCs).
Diesel and petrol sold at GH₡14.06 and GH₡14.26 per litre respectively, whereas LPG went for GH₡15.96 per kilogramme.
