Prices of diesel and Liquefied Petroleum Gas (LPG) are expected to experience a slight decrease in the first two weeks of July 2023, according to the Institute for Energy Security (IES).
This can be attributed to changes in the international fuel market, which will have a positive impact on the local market.
However, the price of petrol is anticipated to remain unchanged during this period.
The IES explains that the increase in international petrol prices, as well as the depreciation of the Ghana cedi, are not significant enough to warrant a price hike in the first two weeks of July.
Looking at the global oil market, the month of June 2023 concluded with crude oil prices remaining significantly below initial analyst projections for the year.
The IES identifies several factors that have affected the performance of the commodity in the first half of 2023, including reduced global demand due to COVID-19 restrictions in China and ongoing banking crises in the United States.
Additionally, decisions made by major oil producers within OPEC+ regarding production cuts have failed to bolster crude oil prices.
As of June 30, 2023, the closing price for Brent Crude was $74.90 per barrel, with a two-week average of $74.85.
Examining the local fuel market, the IES observes slight variations in prices among Oil Marketing Companies (OMCs) on a 15-day rolling basis.
In the first week of June 2023, some OMCs reduced their prices, while others maintained the prices from the previous pricing window.
Based on the IES analysis of price data collected from the domestic fuel market, the national average prices for petrol, diesel, and LPG stand at ¢11.80, ¢11.83 per litre, and ¢10.30 per kilogramme, respectively.