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Prices for fuel, diesel and LPG will remain the same, according to IES.

Prices for fuel, diesel and LPG will remain the same, according to IES.

In the first two weeks of July 2023, prices for diesel and liquefied petroleum gas are anticipated to slightly decline.

The Institute for Energy Security (IES) claims that this is caused by a variety of price adjustments for the commodities on the global fuel market, which will have a favourable impact on the local market.

However, it is anticipated that the price of petrol won’t alter.

This is so because the depreciation of the Ghana cedi and the rise in the price of petrol internationally are not big enough to affect prices in the first two weeks of July.

World oil market

The month of June 2023 ended with crude oil prices still trading far below analyst projections at the beginning of year 2023.

IES said several factors 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.A and banking crisis.

Again, supply decisions by leading oil producers through OPEC+ decisions as a body and individual member decisions of production cuts have still not helped the price of crude oil to recover the slump. At close of the trading day on June 30m 2023, Brent Crude price closed at $74.90 per barrel and a 2-week average of $74.85.

Local fuel market performance

Monitored on a 15-day rolling basis, the IES said prices of liquid fuels on the domestic fuel market saw some variations among Oil Marketing Companies (OMCs).

The first week saw some OMCs reduce prices, while others maintained prices from the previous pricing window in the second pricing window for June 2023.

The national average of petrol, diesel and LPG is pegged at ¢11.80, ¢11.83 per litre and ¢10.30 per kilogramme as per IES analysis of price data gathered from the domestic fuel market.

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