The Institute for Energy Security (IES) has predicted a fall of between 2% and 4% in the price of fuel products in the first half of August 2024.
In a statement issued by IES Research Analyst, Adam Yakubu attributed the anticipated fall to favorable dynamics in the international fuel market coupled with the slowed depreciation of Ghana Cedi in the last month.
According to him, the global Standard & Poor’s (S&P’s) Platts on petroleum products performance in the world fuel market shows that the price of Gasoline, Gasoil, and LPG fell in the second pricing window for July 2024.
“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 Research Analyst stated.
Source: Ghana/Starrfm.com.gh/103.5FM
