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The price of fuel products is expected to decline by 2% to 4% in the first half of August 2024, according to the Institute for Energy Security (IES).
Adam Yakubu, an IES Research Analyst, explained the expected decline in a statement. He ascribed it to positive dynamics in the global petroleum market as well as the Ghana Cedi’s slowing depreciation over the last month.
According to him, the price of gasoline, gasoline oil, and LPG decreased in the second pricing window for July 2024, according to the worldwide Standard & Poor’s (S&P) Platts on petroleum products performance in the global fuel market.
“Gasoline, Gasoil, and Liquefied Petroleum Gas (LPG) recorded favourable prices in the second pricing window for July 2024. Precisely, the price of Gasoline fell by 2.99%, Gasoil by 4.59%, and LPG by 1.10% in the second half of the month of July 2024. The Ghana Cedi also recorded slowed depreciation (0.52%), the lowest since February 2024.
“Following the positive realized on the foreign fuel market coupled with the slowed depreciation of Ghana Cedi recorded on the domestic forex market, the Institute for Energy Security (IES) projects a fall in fuel prices in the coming days.
“This anticipated fall in the first half of August 2024 is attributable to the favourable international market dynamics. Fuel prices are expected to fall between 2% and 4% for the three petroleum products under review”, IES added.
Read the full statement below:
Source: Ghanatodayonline.com
