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BusinessIES projects increase in fuel prices in first half of June

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IES projects increase in fuel prices in first half of June

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The Institute for Energy Security (IES) has predicted that fuel prices will increase again in the first half of June 2024.

This forecast is based on developments in the foreign fuel and domestic forex markets, exacerbated by the worsening performance of the Cedi.

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“Gasoline [petrol], Gasoil [diesel], and Liquefied Petroleum Gas (LPG) all recorded a decrease of about 4.17%, 0.87%, and 3.44%, respectively over the last two weeks. Given the favourable price changes recorded on the international market for these products, prices at the local pumps should ordinarily reflect a reduction to relieve consumers. However, the massive fall (4.17%) of the Ghana cedi against the U.S. dollar may prevent a realisation of the full gains made on the world fuel market on the local fuel market”, it pointed out.

The Institute for Energy Security (IES) has reported that their monitoring of the global Standard & Poor’s (S&P) Platts on petroleum products indicates a decrease in the prices of petrol, diesel, and LPG in the world fuel market.

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According to published data for the second pricing window of May 2024, petrol closed at $851.73 per metric tonne, diesel at $749.70 per metric tonne, and LPG at $444.80 per metric tonne. The net changes reflect a price drop of 4.17% for petrol, 0.87% for diesel, and 3.44% for LPG.

Despite the global price decreases, the loss in the local currency’s value has stalled the expected price reductions at domestic pumps during the second pricing window for May 2024.

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The IES observed that diesel and petrol prices remained relatively stable among most Oil Marketing Companies (OMCs) tracked over the period.

IES’s calculation of the national average price for the three refined petroleum products for the second pricing window of May 2024 shows petrol and diesel selling at GH₵14.22 and GH₵14.00 per litre respectively, while LPG sold for GH₵15.63 per kilogramme.

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