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BusinessFuel prices to decrease from May 16 - IES

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Fuel prices to decrease from May 16 – IES

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The Institute for Energy Security (IES) has forecasted a slight decrease in fuel prices starting from May 16, 2024, attributed to the global reduction in refined petroleum product prices surpassing the cedi depreciation.

According to their analysis, gasoline (petrol), diesel, and liquefied petroleum gas (LPG) have experienced declines of approximately 5.68%, 4.51%, and 4.72% respectively on the international market.

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“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.

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The second pricing-window for May 2024 is anticipated to witness a drop in ex-pump prices due to the broader reductions in refined petroleum products globally, outpacing the depreciation of the Ghanaian cedi.

Global tracking by Standard & Poor (S&P) Platts indicates significant price decreases for petrol, diesel, and LPG.

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Specifically, petrol prices have fallen by 5.68%, diesel by 4.51%, and LPG by 4.72%.

Analysis reveals a substantial decline in the prices of all petroleum products on the world fuel market.

In the local fuel market, the first pricing-window of May 2024 observed minor increases in the prices of some petroleum products.

As per the Institute for Energy Security’s computations, petrol and diesel were priced at GH14.22 and GH14.00 per litre respectively, while LPG sold at GH15.05 per kilogramme.

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