The Institute for Energy Security has predicted a slight decrease in fuel prices starting May 16, 2024.

This reduction has been attributed to the decline in prices of refined petroleum products on the international market, which outweighs the impact of cedi depreciation.

“Following the changes recorded on the international market for refined petroleum products, 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," IES stated.

The Global Standard & Poor (S&P) Platts tracking of petroleum products performance on the world fuel market has shown a significant fall in prices for petrol, diesel, and LPG.

Specifically, the price of petrol has decreased by 5.68%, diesel by 4.51%, and Liquefied Petroleum Gas by 4.72%.Comparative analysis of the data indicates a notable decline in the prices of all petroleum products on the world fuel market.

In the local fuel market, the first pricing window for May 2024 saw marginal increments in the price of some petroleum products.

The Institute for Energy Security (IES) computation of petroleum products for May 2024 showed petrol and diesel selling at GH¢14.22 and GH¢14.00 per litre respectively, while LPG was priced at GH¢15.05 per kilogramme.