The Institute for Energy Security (IES) has predicted a slight decrease in fuel prices in Ghana effective May 16, 2024, citing a reduction in the prices of refined petroleum products on the global market. 

This decline is expected to outweigh the impact of the Ghanaian Cedi depreciation.

International market trends show declines in Gasoline (petrol), Gasoil (diesel), and Liquified Petroleum Gas (LPG) prices, with reductions of approximately 5.68%, 4.51%, and 4.72% respectively, according to the IES.

Monitoring by the Global Standard & Poor (S&P) Platts indicates a significant downturn in petrol, diesel, and LPG prices globally. Petrol saw a 5.68% decrease, while diesel and LPG experienced declines of 4.51% and 4.72% respectively.

Despite marginal increases in certain petroleum product prices during the first pricing window of May 2024 in the local market, the IES calculates that petrol was retailed at GH¢14.22 per litre, diesel at GH¢14.00 per litre, and LPG at GH¢15.05 per kilogramme.

The Institute's anticipated decrease in fuel prices is expected to provide some relief to consumers, aligning with the downward trend observed in global petroleum product prices.