Fuel prices are expected to increase again in the first half of June 2024, the Institute for Energy Security (IES) has predicted.
This is according to developments in the foreign fuel and domestic forex markets, as the Cedi’s performance worsens.
“Gasoline [petrol], Gasoil [diesel], and Liquefied Petroleum Gas (LPG) all recorded a decrease of about 4.17%, 0.87%, and 3.44%, respectively over the last two weeks. Given the favourable price changes recorded on the international market for these products, prices at the local pumps should ordinarily reflect a reduction to relieve consumers. However, the massive fall (4.17%) of the Ghana cedi against the U.S. dollar may prevent a realisation of the full gains made on the world fuel market on the local fuel market”, it pointed out.
World Fuel Market
IES monitoring of the global Standard & Poor's (S&P's) Platts on petroleum products performance in the world fuel market shows that the prices of petrol, diesel and LPG have all decreased.
Published data for the second pricing window of May 2024 indicate that petrol closed at $851.73 per metric tonne, diesel closed at $749.70 per metric tonne, and LPG closed at $444.80 per metric tonne.
The net changes indicate that the price of petrol has fallen by 4.17%, diesel by 0.87%, and LPG by 3.44%.
Local Fuel Market
The performance in the second pricing window for May 2024, the loss in local currency's value stalled expected price reductions at the domestic pump.
On the specific performance of refined petroleum products monitored over the period, it was observed that diesel and petrol prices were relatively stable among most Oil Marketing Companies (OMCs) tracked over the period.
The Institute for Energy Security's (IES') calculation of the national average price for the three refined petroleum products for the second pricing window for May 2024 shows petrol and diesel selling at GH₡14.22 and GH₡14.00 per litre respectively, whereas LPG went for GH₡15.63 per kilogramme.
Latest Stories
-
35th CIMG Awards: Full list of winners
1 hour -
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
6 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