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The Institute for Energy Securities (IES) has predicted a fall of between 2% and 4% in the price of fuel products in the first half of August 2024.
The energy think-tank attributes the anticipated fall to favorable dynamics in the international fuel market coupled with the slowed depreciation of the Ghana Cedi in the last month.
According to IES, the IES Economic Desk’s tracking of the Ghana Cedi's performance on the foreign exchange (forex) market for the second pricing window for July 2024 shows the local currency depreciated by 0.52% in value against the U.S. Dollar. The Ghana Cedi traded at GH₵15.54 after previously trading at GH₵15.46 at the start of the second pricing window for July 2024.
Gasoline, Gasoil, and Liquefied Petroleum Gas (LPG) recorded favorable prices in the second pricing window for July 2024. Specifically, the price of Gasoline fell by 2.99%, Gasoil by 4.59%, and LPG by 1.10% in the second half of the month of July 2024.
The Ghana Cedi also recorded slowed depreciation (0.52%), the lowest since February 2024.
Following the positive trends in the international fuel market coupled with the slowed depreciation of the Ghana Cedi recorded on the domestic forex market, the Institute for Energy Security (IES) projects a fall in fuel prices in the coming days.
