In response to anticipated pump price adjustments, several Oil Marketing Companies (OMCs) in the country have begun to lower their petroleum product prices.
Star Oil, a leading OMC, has taken the initiative by reducing its petrol price from ₵13.93 to ₵13.65 per litre, a decrease of ₵0.28 or 2.01%. Diesel prices have also seen a substantial reduction, now retailing at ₵14.02 per litre, down from ₵14.48, a 3.17% decrease. This price adjustment translates to a savings of ₵0.46 per litre for diesel consumers at Star Oil.
The Institute for Energy Security (IES) had previously forecasted a 2% to 4% decrease in the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) starting August 1, 2024. This prediction was based on the slower depreciation of the Ghana cedi in the latter half of July 2024 and favorable international market dynamics.
According to IES, petrol and diesel prices fell by 2.99% and 4.59% respectively, while LPG saw a 1.10% decrease in the second half of July 2024. The depreciation of the Cedi slowed to 0.52%, the lowest since February 2024. IES stated, “We project a fall in fuel prices in the coming days, following the positive trends in the foreign fuel market and the slowed depreciation of the Cedi.”
For the first time since the post-OPEC+ meeting, Brent crude futures fell below $80 per barrel during the second pricing window of July 2024. This decline was driven by disappointing global demand, with Chinese imports in July 2024 reaching their lowest level in two years. Brent crude traded at $78.70 per barrel, down from $83.03 at the start of the pricing window.
During the second pricing window of July 2024, the price of liquid fuels saw an increase at local pumps. OMCs raised the price per litre of petrol by GH¢0.30 and gasoil by GH¢0.20. The IES computation of the national average price for the first pricing window of July 2024 showed petrol selling at GH¢14.23 per litre and diesel at GH¢14.70 per litre, while LPG was priced at GH¢15.22 per kilogramme. The recent adjustments by OMCs like Star Oil are a relief to consumers, reflecting a positive shift in both local and international market conditions.
