Thursday, 30 May

IES: Fuel prices to ease marginally

Fuel Pump

Fuel prices are anticipated to experience a slight decrease starting May 16, 2024, as projected by the Institute for Energy Security. This adjustment is attributed to the reduction in prices of refined petroleum products on the international market, surpassing the impact of cedi depreciation.

According to the Institute, Gasoline (petrol), Gasoil (diesel), and Liquified Petroleum Gas (LPG) have all witnessed declines of approximately 5.68%, 4.51%, and 4.72% respectively, on the international market.

The Global Standard & Poor (S&P) Platts monitoring of petroleum products performance globally indicates a significant downturn in prices for petrol, diesel, and LPG, with petrol experiencing a 5.68% decrease, diesel 4.51%, and LPG 4.72%.

Analysing local fuel market performance, the first pricing window of May 2024 saw marginal increases in the prices of certain petroleum products. 

Based on IES calculations, petrol and diesel were retailed at GH¢14.22 and GH¢14.00 per litre, respectively, while LPG was priced at GH¢15.05 per kilogramme.