Josiah
The Institute for Energy Security (IES) anticipates a slight rise in fuel prices during the latter half of June 2024, despite a drop in global petroleum prices.
According to IES, the Ghanaian cedi’s depreciation by 3.44% against the US dollar will negate the advantages of the global price reduction.
Globally, petrol, diesel, and LPG prices have decreased by 5.49%, 2.82%, and 1.48% respectively. However, the cedi’s weakness is expected to prevent a corresponding reduction in local prices.
IES monitoring indicates that in the first pricing window of June 2024, global prices for petrol fell by 5.49% to $804.93 per metric tonne, diesel by 2.82% to $728.52 per metric tonne, and LPG by 1.48% to $438.20 per metric tonne.
Domestically, IES observed varied responses from Oil Marketing Companies (OMCs), with LPG priced at GH₡15.96, petrol at GH₡14.26, and diesel at GH₡14.08 per litre.
IES forecasts a marginal increase in fuel prices in the latter half of June 2024 due to the cedi’s poor performance.
