The Institute for Energy Security predicts that fuel costs will reduce modestly starting May 16, 2024.
This is owing to a fall in the price of refined petroleum products on the international market, which is greater than the 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 stated.
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World Fuel Market
The Global Standard & Poor (S&P) Platts tracking of petroleum product performance on the global fuels market revealed a considerable drop in prices for petrol, diesel, and LPG.
Specifically, the price of petrol has dropped by 5.68%, diesel by 4.51%, and liquefied petroleum gas by 4.72%.
A comparison review of data shows that all petroleum product prices on the global fuel market have declined dramatically.
Local Fuel Market Performance
The first pricing window for May 2024 showed modest increases in the prices of various petroleum products.
The IES calculation of petroleum products for May 2024 showed petrol and diesel selling for GH14.22 and GH14.00 per liter, respectively, while LPG sold for GH15.05 per kilogramme.
