By The Institute for Energy Security has forecasted a slight decrease in fuel prices starting from May 16, 2024.
This is attributed to the broader reduction in prices of refined petroleum products on the global market, surpassing the impact of cedi depreciation.
“Following the changes recorded on the international market for refined petroleum product, Gasoline [petrol], Gasoil [diesel] and Liquified Petroleum Gas (LPG) recorded a fall of about 5.68%, 4.51% and 4.72% respectively”.
“In the second pricing-window for May 2024, ex-pump is expected to fall given the reductions recorded for refined petroleum products on the international market, which is wider than Ghana cedi depreciation”, it mentioned.
Global Fuel Market Update
According to the Global Standard & Poor (S&P) Platts tracking of petroleum product performance, there has been a notable decline in prices for petrol, diesel, and LPG on the world fuel market.
In particular, petrol prices have decreased by 5.68%, diesel prices have fallen by 4.51%, and Liquefied Petroleum Gas (LPG) has experienced a significant drop of 4.72%.
The comparative data analysis indicates a significant decline in the prices of all petroleum products on the global fuel market.
Local Fuel Market Update
During the initial pricing window for May 2024, there were slight increases observed in the prices of certain petroleum products.
According to the IES computation for May 2024, petrol and diesel were priced at GH₵14.22 and GH₵14.00 per liter respectively, while LPG was sold for GH₵15.05 per kilogram.
