The fuel price increases are expected to slow down in the coming days, the Institute for Energy Security (IES) has revealed.

This follows a reduction in the price of diesel and Liquified Petroleum Gas (LPG) on the international market, while there was a marginal increase in the price of petrol on the international market. The cedi also depreciated by about 1.06% to the dollar.

However, the IES believes, there might be no change in the price of petroleum products at the pumps or marginal drop in fuel prices.

“Considering the recent price movements recorded on the international market by the refined petroleum products. Gasoil [diesel] and Liquified Petroleum Gas (LPG) recorded a fall of about 5.87% and 6.56% respectively, Gasoline [petrol] has seen its price increase marginally by about 0.49%. The Ghana cedi’s performance continues to fall against the U.S. Dollar, with its recent fall estimated at about 1.06%.”

“In the coming days of May 2024, consumers are likely to see prices slowing down for all petroleum products after several weeks of hikes. This is coming largely as a result of slowed price increments recorded by refined products on the international market.”

World Fuel Market

The Global Standard & Poor (S&P) Platts monitoring of refined petroleum products posted the following closing price for the second pricing window of April 2024: petrol, $942.30; diesel, $792.02, and LPG $483.45, per metric tonne respectively.

The price change reflected a net effect of a 0.49% increase in per metric tonne price of petrol and a 5.87% decrease in the price per metric tonne for diesel. Also, LPG price fell by 6.56% per metric tonne.

Local Fuel Market Performance

The IES computation of national average price for the three refined petroleum products over the past two weeks indicated that petrol sold at an average GH¢13.81 per litre, diesel, GH¢14.25 per litre respectively and LPG went for GH¢13.65 per kilogramme.