The drop in the prices of oil products on the international market will further depress the prices of gasoline and diesel on the local market from next week, the Institute for Energy Security (IES) predicts.
The IES projected that the depreciation of the Cedi would, however, limit the rate of reduction to 10 percent for petrol and 5 percent for diesel, while the price of a kilogram of liquefied petroleum gas (LPG) would stabilise.
Petrol is currently trading at a national average of Gh¢11.30, down 0.17 percent in the last price window.
Diesel also dropped by about 2.85 per cent at the pump from the earlier national average price of Gh¢14.05 per liter to the current average price of Gh¢13.65 per litre.
In an interview with the Ghana News Agency, Mr. Fritz Moses, Research Analyst, IES, said consumers will see a reduction in pump prices from Monday, August 1, 2022.
“Although we are witnessing a decline in prices in the international market, the local price reduction will not be as big because of the depreciation of the cedi,” he said.
In its review of the latest price window (July 16 to July 31, 2022), the IES found that in the past month, oil prices fell from more than $111 a barrel amid market concerns over recession fears and settled as low as $99.10 per barrel. barrel.
The institute said petrol prices in the international market also fell by 14.80 per cent in the monitored window, while LPG and diesel fell by 0.59 per cent and 8.15 per cent respectively.
It said data monitored by the IES Economic Desk from the foreign exchange (Forex) market for the past two weeks showed that the Cedi weakened by 2.20 percent from a previous rate of Gh¢8.17 to the current rate of Gh¢8.35 to the US. Dollar.
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