Fuel prices are expected to go down marginally in the second pricing window of May, the Institute for Energy Security(IES) has projected.
Prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) are expected to drop again at the pumps from tomorrow, May 16, for the next 14 days.
According to IES, this is on the back of a reduction in prices of finished products on the world market and the stability of the cedi.
Therefore diesel, petrol, and LPG are expected to sell at ¢12.30, ¢12.15 and ¢12.12 respectively.
“The Institute for Energy Security (IES) monitoring of prices over the past two weeks on the Global Standard & Poor (S&P) Platts platform indicate the prices of gasoline [petrol], gasoil [diesel], and Liquefied Petroleum Gas (LPG) decreased by 8.40%, 9.98%, and 13.43% respectively. The Ghana cedi also gained 0.17% against the US greenback currency”.
It added, “Following the drop in prices of petroleum products on the international market, coupled with the strong performance of the Ghana Cedi, domestic prices for all petroleum products are projected to fall”. Gasoil, Gasoline and LPG are expected to sell at ¢12.30, ¢12.15, and ¢12.12 respectively”.
The institute indicates in the local fuel market performance, the first pricing window for May 2023 saw domestic prices of petrol, diesel, and LPG fall.
The prices fell at an average of ¢0.50 for petrol and diesel, whilst LPG went down by ¢0.90.
Its monitoring of various Oil Marketing Companies (OMCs) during the pricing window under review found the national average price per litre for petrol at ¢12.85, diesel at ¢12.80, and LPG at ¢13.46 per kilogram.
However, in the world oil market, the price of Brent crude reached new weekly lows over the period.
The current OPEC+ production restrictions appear to have failed to keep Brent crude prices higher, as prices retested their March 2023 lows last week.
As a result, the price of Brent crude traded at an average price of $76.57 per barrel the past two weeks and closed the window at $78.06 per barrel.