In the first two weeks of July 2023, diesel and LPG prices are expected to slightly decrease, but petrol prices will stay the same.
This is due to recent fluctuations in commodity prices on the global fuel market, which, according to the Institute for Energy Security (IES), will have a favourable effect on local prices.`
Nonetheless, petrol prices are not likely to change. This is due to the fact that the first two weeks of July will not see an increase in price as a result of the recent increase in international petrol prices and the depreciation of the Ghana cedi.
At the end of June 2023, the price of crude oil was still far lower than what analysts had predicted it would be at the start of the year. According to IES, a number of factors affected the performance of commodities in the first half of 2023. These factors ranged from the worldwide drop in demand due to China’s COVID-19 limitations to the U.S. and banking crisis.
The price of crude oil has not recovered from its recent drop despite agreements to increase supply made by leading oil producers through OPEC+ as a body and individual member decisions to reduce output. The closing price of a barrel of Brent Crude on June 30, 2023, was $74.90, with a two-week average of $74.85 at that time.
The IES reported price differences between OMCs on the domestic fuel market for liquids over a 15-day period. In the second pricing window for June 2023, the first week saw some OMCs lower prices while others kept their prices the same as the previous window.
According to IES’s analysis of price data from the domestic fuel market, the average cost of petrol, diesel, and LPG across the nation is 11.80, 11.83 per litre, and 10.30 per kilogramme, respectively.
