The prices of petrol and diesel in the local market are projected to remain stable for the next two weeks, starting October 1, 2024, according to the Institute for Energy Security (IES). No significant increases or decreases are expected, reflecting stability in the market.
According to the Institute for Energy Security, “The local market is expected to experience slowed price movements for liquid fuels, reflecting a degree of stability.”
Despite this stability in petrol and diesel, the price of Liquified Petroleum Gas (LPG) is anticipated to rise slightly, unless external policy interventions are implemented. This projection follows recent trends in the global fuel market, where LPG prices saw a 3.83% increase and gasoil prices rose by 1.5% toward the end of September 2024. Gasoline (diesel) prices, however, experienced a slight decline.
In addition to global market dynamics, the Ghanaian cedi has depreciated by 0.49% against the U.S. dollar. This marginal depreciation is expected to further impact the cost of fuel imports, particularly LPG, adding pressure to the local market.
Fuel prices in Ghana saw a notable decrease during the second half of September 2024, providing relief to consumers as most fuel stations lowered their prices. This reduction aligned with predictions from the Chamber of Petroleum Consumers (COPEC), which had forecasted a 4% to 5% decrease due to falling global petroleum prices.
At Goil, petrol prices dropped by 8.27%, from GH¢14.16 to GH¢12.99, and diesel prices fell from GH¢14.70 to GH¢14.49. Similarly, Star Oil reduced petrol prices by 7.38%, lowering them from GH¢13.55 to GH¢12.55, and decreased diesel prices by 4.34% to GH¢13.25.
Other major players like Shell and Total Energies followed suit, reducing their prices significantly. Shell cut petrol prices from GH¢14.35 to GH¢13.49, while diesel fell from GH¢14.70 to GH¢14.19. Total Energies also dropped petrol prices to GH¢13.45 and diesel to GH¢13.99.
Smaller players like Benab Oil, Puma Energy, Petrosol, and Zen Petroleum have also reduced their prices, offering petrol at an average of GH¢13.09 and diesel at GH¢13.59 across various stations. The average percentage reduction is 5.78% for petrol and 4.03% for diesel.
These price cuts reflect a more competitive fuel market and are a welcome relief for Ghanaians, who have been grappling with the high cost of living.
