Fuel Prices to Fall in August- IES
The Institute of Energy Security (IES) has forecasted between 2% and 4% fall in all petroleum products prices at the various pumps in Ghana for the first pricing window of August 2024.
It will be the first fall in fuel prices after marginal rises in recent months.
In a press statement, the Institute said the fall prediction is premised on favourable market dynamics.
It explained that “Gasoline, gas oil, 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.”
It continued, “Following the positive realised 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.”
