By The Institute for Energy Security (IES) has disclosed that fuel price hikes are projected to ease in the coming days. This forecast is based on a decrease in the international market prices of diesel and Liquified Petroleum Gas (LPG), alongside a slight uptick in petrol prices.
Additionally, the cedi experienced a depreciation of about 1.06% against the dollar.
Despite these factors, the IES anticipates either no alteration or a slight reduction in fuel prices at the pumps.
“Considering the recent price movements recorded on the international market by the refined petroleum products. Gasoil [diesel] and Liquified Petroleum Gas (LPG) recorded a fall of about 5.87% and 6.56% respectively, Gasoline [petrol] has seen its price increase marginally by about 0.49%. The Ghana cedi’s performance continues to fall against the U.S. Dollar, with its recent fall estimated at about 1.06%.”
“In the coming days of May 2024, consumers are likely to see prices slowing down for all petroleum products after several weeks of hikes. This is coming largely as a result of slowed price increments recorded by refined products on the international market.”
World Fuel Market Update:
During the second pricing window of April 2024, Global Standard & Poor (S&P) Platts reported the following closing prices for refined petroleum products: petrol at $942.30 per metric tonne, diesel at $792.02 per metric tonne, and LPG at $483.45 per metric tonne.
This update indicates a 0.49% rise in the price per metric tonne of petrol, while diesel experienced a 5.87% decrease in price per metric tonne. Additionally, the price per metric tonne for LPG decreased by 6.56%.
Local Fuel Market Performance:
According to the Institute for Energy Security (IES), the national average prices for the three refined petroleum products over the past two weeks were as follows: petrol averaged GH¢13.81 per litre, diesel averaged GH¢14.25 per litre, and LPG averaged GH¢13.65 per kilogram.
