Fuel prices are expected to fall marginally from May 16, 2024, the Institute for Energy Security has predicted.
This is due to the reduction of prices of refined petroleum products on the international market which is wider than the cedi depreciation.
“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.
World Fuel Market
The Global Standard & Poor (S&P) Platts tracking of petroleum products performance on the world fuels market indicated significant fall in price for petrol, diesel and LPG.
Specifically, petrol price has fallen by 5.68%, diesel price down by 4.51% and Liquefied Petroleum Gas tumbled by 4.72%.
The comparative analysis of data revealed all price of petroleum products have fallen significantly on the world fuel market.
Local Fuel Market Performance
The first pricing-window for May 2024 saw marginal increments in the price of some petroleum products.
The IES computation of petroleum products for May 2024 showed petrol and diesel selling at GH14.22 and GH14.00 per litre respectively, whereas LPG went for GH15.05 per kilogramme.
Latest Stories
-
35th CIMG Awards: Full list of winners
59 mins -
The Multimedia Group wins big at CIMG Awards 2023
2 hours -
Bernard Mornah wins PNC flagbearship race
2 hours -
Video: Confusion at PNC National Executives election
3 hours -
Rapper E.L. joins King Promise as Guinness Accravaganza headliner for September 21 showdown
4 hours -
PNC Congress: Bernard Mornah leads in Greater Accra Region
4 hours -
Reject violence, divisive rhetoric, embrace peace ahead of elections – Bawumia appeals to Ghanaians
4 hours -
SEFF’s debut single ‘Father’ sets stage for bold new talent
5 hours -
Super typhoon Yagi kills four in Vietnam
6 hours -
Hollard Insurance-UENR Mentoring Day: Students urged to let hard work, integrity shine to advance career
6 hours -
2024/25 GPL: Vision FC opens campaign with draw against Berekum Chelsea
6 hours -
If Baba Yara pitch was good, Mumin clears the ball – Laryea Kingston
7 hours -
GPL 2024/25: Samartex begin title defence with draw against Dreams FC
7 hours -
Financing road construction and maintenance through a special fuel levy: A sustainable solution for Ghana’s road infrastructure
7 hours -
Ghana Celebrity Impact Awards 2024 launched to honor positive social influence
7 hours