The prices of petrol and diesel are expected to stay the same for the next two weeks, the Institute for Energy Security has revealed.

However, that of Liquefied Petroleum Gas (LPG) will go up by about 4%.

Though the prices of finished products of petrol and diesel on the international market fell by 4.06% and 0.24% respectively during the past two weeks, the Ghana cedi continued to record a depreciation of about 1.09% during the period.

“Following the recent changes on the international market with Gasoil [petrol] and Gasoline [diesel], prices falling by 4.06% and 0.24%, while Liquefied Petroleum Gas price surged by 7.41%, the Ghana cedi continue to record depreciation of about 1.09%. The local fuel market is expected to price liquid fuels stable in the coming days. On the other hand, LPG price is likely to rise by 4% in the second half of March [2024]”.

World fuel market

The Global Standard & Poor (S&P) Platts platform tracking of refined petroleum price data published price per metric tonne performance as $836.38, $842.53 and $643.90 for diesel, petrol and LPG respectively, the IES said.

 Analysing the published price data over the period indicates a decrease in refined liquid fuels and an increase in LPG.

Specifically, the net price effects realised because of the change indicate 4.06% and 0.24% for diesel and petrol and 7.41% for lPG.

Local fuel market performance

The Institute for Energy Security (IES) computation of fuel price data sampled in the second pricing-window of March 2024 put the national average price for diesel at GH¢14.42 and petrol at GH¢13.42 per litre respectively.

Liquefied Petroleum Gas (LPG) also went for GH¢13.65 per kilogramme (kg).