26.3 C
Sunday, June 16, 2024
BusinessIES projects increase in fuel prices in first half of June


IES projects increase in fuel prices in first half of June


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.

- Advertisement -

“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.

- Advertisement -

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.

- Advertisement -

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.

Latest stories

Hajia4real’s sentencing scheduled for June 28th, 2024

A video circulating on social media features a representative...

Video: Watch lions, elephants explanation by sacked NDC communicator on 24-hour economy

Veteran member of the National Democratic Congress (NDC), Dr....

2025 Mahama’s Ministerial list leaks

A leaked ministerial list for John Dramani Mahama, the...

BECE faces a potential cancellation over governments debt to WAEC

West African Examination Council (WAEC) has warned that the...

Video: Check out poised manner of female pilot as she lands an aircraft in Accra

Pilots have one of the most rewarding yet challenging...

Why this huge increment? – PNC flagbearer aspirants ‘cry’ over 100k filing fee

Some members of the Peoples National Convention (PNC) vying...

Related stories

GACL responds to allegations of theft at Kotoka International Airport!

The Ghana Airports Company Limited (GACL) has addressed public...

10 African nations with the lowest income earners in 2024

In many African countries, a substantial part of the...

Supply uncertainty to blame for our inability to provide ‘dumsor’ timetable – ECG

Deputy Managing Director of the Electricity Company of Ghana...

Ghana’s survival and growth lies on restructuring economic modules – Otokunor

Director of Inter-Party and Civil Society Organizations (CSO) Relations...

Prices of petroleum products to rise marginally from June 16, 2024 – IES

The Institute for Energy Security (IES) has predicted a...

Digitalization vital for economic growth – ECOWAS representative

ECOWAS Resident Representative in Ghana, Baba Gana Waki, has...

BoG defends revocation of GN Bank’s license

The Bank of Ghana (BoG) has defended its decision...


Please enter your comment!
Please enter your name here