Fuel prices to fall again from May 16

Prices of petrol, diesel and Liquefied Petroleum Gas (LPG) are expected to fall marginally again at the pumps from tomorrow, May 16,2023, for the next 14 days.

According to the Institute for Energy Security (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”.

Local fuel market performance

According to the IEA, 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.

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 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.