The price of diesel and Liquefied Petroleum Gas (LPG) is expected to fall marginally in the first pricing window of July.
This is according to a recent analysis by the Institute for Energy Security (IES).
The projection by the Institute for Energy Security, notes that the reduction can be attributed to the 2.6% fall in the price of gasoline and a 3.09% fall in the price of LPG.
The analysis further noted that the depreciation of the Ghana cedi remains insignificant to the price of fuel at the various pumps in the first two weeks of July.
However, the price of petrol will remain unchanged.
“The various changes in price of the commodities on the international fuel market is expected to affect local market prices in Ghana. For the first two weeks in July, following a price decrease of 2.64%, 3.09% for Gasoil and LPG”, the IES projects.
World Fuel Market
IES monitoring of prices petroleum products on the international fuel market for the second pricing window of June 2023 as published by Global Standard & Poor (S&P) Platt platform revealed closing prices for Gasoline, Gasoil and LPG as follows; $811.80, $709.84 and 306.25 per metric tonne respectively.
This translated to a marginal price increment of 0.95% for Gasoline, and a decrease of 2.64%, 3.09% for Gasoil and LPG respectively in the second price-window of June 2023.
The month of June has ended with crude oil prices still trading far below analyst projections at the beginning of year 2023.
Several factors have played against the commodity performance in the first half of 2023, ranging from global slowed demand due to China’s COVID 19 restrictions to the U.S. Banking crisis.
Supply decisions by leading oil producers through OPEC+ decisions as a body and individual member decisions of production cuts have still not helped price of crude oil to recover the slump.
At close of trading day on 30th June 2023, Brent Crude price closed at $74.90 per barrel and a 2- week average of $74.85. Analyst are optimistic prices will recover due to increasing production activities in China coupled with the continuous production cuts by suppliers of crude.