By: Maame Efua Kwaduah
The Institute of Energy Security(IES) has anticipated a fall in the prices of petroleum products by 2% to 4% in the first half of August , 2024, for petrol, diesel, and LPG.
This reduction the Institute attributed to the Ghana cedi’s slower depreciation in late July and favorable international market conditions.
According to a statement released by the the Institute for Energy Security (IES) on July 30, 2024, petrol and diesel prices decreased by 2.99% and 4.59%, respectively, while LPG fell by 1.10% in the latter half of July.
The cedi’s depreciation slowed to 0.52%, its lowest since February 2024.
On the global market, Brent crude oil futures fell below $80 per barrel for the first time since the OPEC+ meeting due to weaker global demand and a significant drop in Chinese imports, with Brent Crude trading at $78.70 per barrel compared to $83.03 at the start of the pricing window.