Fuel prices to increase marginally in second half of June – IES predicts

The Institute for Energy Security (IES) has predicted a marginal increase in fuel prices in the second half of June 2024, despite a decline in global petroleum prices.

According to the IES, the Ghana cedi’s poor performance against the US dollar, which has depreciated by 3.44%, will offset the benefits of the global price drop.

The prices of petrol, diesel, and LPG have fallen by 5.49%, 2.82%, and 1.48% respectively on the global market, but the cedi’s weakness is likely to prevent a corresponding decrease in local prices.

The IES monitoring of the global fuel market showed that petrol, diesel, and LPG prices continued to decline in the first pricing window for June 2024, with petrol falling 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.

In the local market, the IES observed mixed reactions from Oil Marketing Companies (OMCs), with LPG selling at GH₡15.96, petrol at GH₡14.26, and diesel at GH₡14.08 per litre.

The IES predicts that fuel prices will increase marginally in the second half of June 2024 due to the cedi’s poor performance.

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