Fuel Prices in Ghana to See Mixed Changes Starting August 16

Ghanaian fuel prices are set for varied adjustments in the second pricing window of August. Petrol and liquefied petroleum gas (LPG) are expected to experience slight increases, while diesel prices are projected to drop modestly.

According to the Chamber of Oil Marketing Companies (COMAC), petrol prices at the pump may rise by 0.39% to 2.71%, with LPG also increasing between 0.15% and 2.34%. In contrast, diesel is expected to see a small decline ranging from 0.21% to 0.72%.

These changes are attributed to fluctuations in international petroleum prices, a minor depreciation of the Ghanaian cedi against the US dollar, and supply-demand dynamics specific to each fuel type.

COMAC explained that while global diesel prices fell sharply by 5.22% due to a drop in crude oil prices, petrol and LPG saw modest increases of 1.89% and 2.87%, respectively, likely driven by market-specific factors.

During the pricing period from July 27 to August 12, the cedi depreciated by 0.87%, moving from GHS 10.68 to GHS 10.77 per US dollar, which added slight pressure on import costs.

Brent crude prices dipped by 0.23%, falling from $70.42 to $70.26 per barrel. This was influenced by increased output from OPEC+ and other producers, weaker sentiment in futures markets, and a reduction in speculative activity.

COMAC emphasized that the upcoming price adjustments reflect current global trends, with only minor hikes expected for petrol and LPG, while diesel prices are likely to ease slightly.