Fuel prices are expected to increase again in the first half of June 2024, the Institute for Energy Security (IES) has predicted.

This is according to developments in the foreign fuel and domestic forex markets, as the Cedi’s performance worsens.

“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.

World Fuel Market

IES monitoring of the global Standard & Poor's (S&P's) Platts on petroleum products performance in the world fuel market shows that the prices of petrol, diesel and LPG have all decreased.

Published data for the second pricing window of May 2024 indicate that petrol closed at $851.73 per metric tonne, diesel closed at $749.70 per metric tonne, and LPG closed at $444.80 per metric tonne.

The net changes indicate that the price of petrol has fallen by 4.17%, diesel by 0.87%, and LPG by 3.44%.

Local Fuel Market

The performance in the second pricing window for May 2024, the loss in local currency's value stalled expected price reductions at the domestic pump.

On the specific performance of refined petroleum products monitored over the period, it was observed that diesel and petrol prices were relatively stable among most Oil Marketing Companies (OMCs) tracked over the period.

The Institute for Energy Security's (IES') calculation of the national average price for the three refined petroleum products for the second pricing window for May 2024 shows petrol and diesel selling at GH₡14.22 and GH₡14.00 per litre respectively, whereas LPG went for GH₡15.63 per kilogramme.