Some Oil Marketing Companies(OMCs) have begun lowering petroleum prices at the pumps in the second pricing window of August 2024.
A market leader GOIL is now selling petrol at ₵14.22 per litre, marking a 1.38% drop from two weeks ago. Diesel prices have decreased by ₵0.90 per litre, now at ₵14.90.
Consumers are keen to see how the other Oil Marketing Companies will adjust their prices.
IES forecast
Earlier, the Institute for Energy Security(IES) predicted that petroleum prices would stay stable on the local market through the second half of August 2024.
The IES attributed the stable fuel prices in the second pricing window in August 2024 to the slower depreciation of the cedi and recent international market trends.
In the first pricing window, petrol and diesel prices fell by 2.83% and 4.46%, respectively, while Liquified Petroleum Gas(LPG) saw a 2.66% increase.
Additionally, the Ghana cedi depreciated by 0.77% against the U.S. dollar.
Barring any regulatory or policy changes, fuel prices are expected to remain steady for the next two weeks.
Reasons for the Price Review
Market watchers suggest that the recent reduction in fuel prices is tied to the Ghanaian cedi’s steady recovery in recent months.
The cedi’s depreciation against the dollar has slowed from 7% in May to 1% in July, with further stabilization in early August.
This improvement is a key factor behind the price adjustments at the pumps. Analysts believe that if this trend continues, prices could drop further in the next review period.
Additionally, international crude oil prices have remained stable despite ongoing geopolitical tensions in the Middle East.