{"id":204726,"date":"2024-07-31T07:13:58","date_gmt":"2024-07-31T07:13:58","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/31\/fuel-prices-to-fall-between-2-and-4-in-coming-days-ies\/"},"modified":"2024-07-31T07:13:58","modified_gmt":"2024-07-31T07:13:58","slug":"fuel-prices-to-fall-between-2-and-4-in-coming-days-ies","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/31\/fuel-prices-to-fall-between-2-and-4-in-coming-days-ies\/","title":{"rendered":"Fuel prices to fall between 2% and 4% in coming days \u2013 IES \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>The prices of petroleum products are expected to fall between 2% and 4% for petrol, diesel, and Liquefied Petroleum Gas, beginning tomorrow August 1, 2024. \u00a0<\/strong><\/p>\n<p>This follows the slowdown in the depreciation of the Ghana cedi during the second half of July 2024 and the favourable international market dynamics.<\/p>\n<p>According to the Institute for Energy Security (IES), the price of petrol and deisel fell by 2.99% and 4.59% respectively and LPG by 1.10% in the second half of July 2024.<\/p>\n<p>\u201cPrecisely, the price of gasoline [petrol] fell by 2.99%, gasoil [diesel] by 4.59%, and LPG by 1.10% in the second half of July 2024.\u00a0 The Ghana cedi also recorded slowed depreciation (0.52%), the lowest since February 2024.<\/p>\n<p>\u201cFollowing the positive realised on the foreign fuel market coupled with the slowed depreciation of Ghana Cedi recorded on the domestic forex market, the Institute for Energy Security (IES) projects a fall in fuel prices in the coming days\u201d.<\/p>\n<p><strong>World Oil Market<\/strong><\/p>\n<p>The second pricing window for July 2024 for the first time since the post-OPEC+ meeting saw Brent crude futures dropping below $80 per barrel.<\/p>\n<p>This was driven lower by disappointing global demand as Chinese imports in July 2024 hit the lowest level in two years.<\/p>\n<p>Brent Crude traded at $78.70 per barrel compared to $83.03 per barrel at the start of the pricing window.<\/p>\n<p><strong>Local Fuel Market Performance<\/strong><\/p>\n<p>The second pricing window for July 2024 saw the price of liquid fuels jump at the pumps on the local fuels market.<\/p>\n<p>Oil Marketing Companies (OMCs) increased the price per litre of petrol by GH\u00a20.30 and Gasoil by GH\u00a2.20 respectively.\u00a0<\/p>\n<p>The IES computation of the national average price for the three refined petroleum products for the first pricing window for July 2024 showed petrol and diesel selling at GH\u00a214.23 and GH\u00a214.70 per litre respectively, whereas (LPG) went for GH\u00a215.22 per kilogramme.<\/p>\n<p>Joy business<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The prices of petroleum products are expected to fall between 2% and 4% for petrol, diesel, and Liquefied Petroleum Gas, beginning tomorrow August 1, 2024. \u00a0 This follows the slowdown in the depreciation of the Ghana cedi during the second half of July 2024 and the favourable international market dynamics. According to the Institute for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":204727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-204726","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fuel prices to fall between 2% and 4% in coming days \u2013 IES \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/07\/31\/fuel-prices-to-fall-between-2-and-4-in-coming-days-ies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fuel prices to fall between 2% and 4% in coming days \u2013 IES \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The prices of petroleum products are expected to fall between 2% and 4% for petrol, diesel, and Liquefied Petroleum Gas, beginning tomorrow August 1, 2024. \u00a0 This follows the slowdown in the depreciation of the Ghana cedi during the second half of July 2024 and the favourable international market dynamics. 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