Fuel prices to go down effective May 16 – IES

The Institute for Energy Security has projected that starting on May 16, 2024, fuel costs will decrease somewhat.

This is because the price decline of refined petroleum products on the global market is greater than the depreciation of the cedi.

“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.

Petrol, diesel, and LPG prices have significantly decreased, according to Global Standard & Poor’s (S&P) Platts tracking of petroleum products’ performance on the global fuels market.

In particular, the price of gasoline dropped by 5.68%, diesel dropped by 4.51%, and the price of liquefied petroleum gas dropped by 4.72%.

The results of the comparative data analysis showed that the price of petroleum products has decreased dramatically on the global fuel market.

Certain petroleum products received slight price increases during the first pricing window that ran through May 2024.

According to the IES calculation of petroleum products for May 2024, LPG sold for GH15.05 per kilogramme, while gasoline and diesel sold at GH14.22 and GH14.00 per liter, respectively.

Source: Ghanatodayonline.com