Prices of petroleum products are likely to remain relatively stable in the next two weeks, the Institute for Energy Security has revealed.

Though the prices of finished products of petrol and Liquefied Petroleum Gas [LPG} went down marginally on the international market during the last two weeks, the cedi depreciated marginally against the US dollar. This would prevent any reduction of fuel on the local market.

“Following the price falls recorded for gasoline [petrol] (1.55%), and LPG (0.66%) on the international market, it is expected that the prices of the two commodities fall on the domestic fuel market. However, this expectation may not be realised due to the cedi’s value decline against the greenback. Also, Gasoil [diesel] price is likely to remain unchanged given the marginal increment of 0.04% on the world market and the Ghana cedi's depreciation (0.30%) being insignificant to cause a change”.

World fuel market

On the world fuel market, the IES said, the Global Standard & Poor (S&P) Platts averages tracked over the past two weeks of November 2023 showed that the price of petrol and LPG went down, whilst diesel went up marginally.

"At close of November 26, 2023, petrol, diesel and LPG traded at $788.75, $850.00, and $522.75 per metric tonne respectively. The net price effects realised because of the change is a decrease of about 1.55% for petrol and 0.66% for LPG, whereas diesel and increased marginally by 0.04%".

Local fuel market performance

Relative to petrol, the price dropped averagely by ¢0.27 per litre, while the price of diesel dropped by ¢0.32 per litre.

"The Institute for Energy Security’s (IES) analysis of price data gathered over the last 15 days ending November 26, 2023 pegged the national average litre price of petrol at ¢12.21 and diesel at ¢13.10. The price of Liquefied Petroleum Gas also stands at ¢13 per kilogramme (kg) on average terms".