Prices of petrol and diesel would fall marginally from this week, as a result of a decline in prices of finished petroleum products on the world market, the Institute for Energy Securities has disclosed.

However, the price of Liquefied Petroleum Gas (LPG) could see its price going up following an increase in the product price coupled with a depreciated cedi.

“In the wake of the price falls recorded for liquid fuels: gasoline (2.84%), and gasoil (4.84%) on the international market, it is expected that the prices of the two commodities will fall on the domestic fuel market. In the final two weeks in December 2023, the price of liquid fuels on the local market are likely to drop marginally given that net price reductions recorded on international fuels market. However LPG could see its price go up following an increased product price coupled with a depreciated local currency".

“Specifically, liquid fuels price could go down between 2%-4% respectively, whereas LPG price is expected to go up by about 5%”, it added.

World fuel market

The activities on the world fuel market as monitored by the Global Standard & Poor (S&P) Platts, the closing price performance for all refined petroleum products published as of December 11, 2023 stood at $767.20, $810.70 and $573.20 per metric tonne for gasoline [petrol], gasoil [diesel], and Liquefied Petroleum Gas respectively.

A comparative analysis of refined petroleum price data showed that the prices of petrol and diesel dropped by $22.55 and $39.30 per metric tonne, representing 2.80% and 4.84% respectively dip in prices. Liquefied Petroleum Gas, however, traded at $573.30 increasing by $50.55 per metric tonne, a 9.71% increase.

Local fuel market performance

The first pricing-window of December 2023 saw the fuel price across all petroleum products on the local fuels market remaining relatively stable.

All Oil Marketing Companies (OMC’s) tracked in the first two weeks in December 2023 maintained the selling price of both petrol and diesel as the previous closing price in the second pricing-window. The Liquefied Petroleum Gas (LPG) price was also maintained as previously sold in the November second pricing window.

Petrol sold at ¢12.21, whilst diesel and LPG went for ¢13.10 and ¢13 per kilogramme  respectively.