Fuel prices are expected to fall marginally from May 16, 2024, the Institute for Energy Security has predicted.

This is due to the reduction of prices of refined petroleum products on the international market which is wider 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 mentioned.

World Fuel Market

The Global Standard & Poor (S&P) Platts tracking of petroleum products performance on the world fuels market indicated significant fall in price for petrol, diesel and LPG.

Specifically, petrol price has fallen by 5.68%, diesel price down by 4.51% and Liquefied Petroleum Gas tumbled by 4.72%.

The comparative analysis of data revealed all price of petroleum products have fallen significantly on the world fuel market.

Local Fuel Market Performance

The first pricing-window for May 2024 saw marginal increments in the price of some petroleum products.

The IES computation of petroleum products for May 2024 showed petrol and diesel selling at GH14.22 and GH14.00 per litre respectively, whereas LPG went for GH15.05 per kilogramme.