The Institute for Energy Security (IES) predicts a slowdown in fuel price increases in the coming days. This projection is based on a reduction in diesel and Liquified Petroleum Gas (LPG) prices on the international market, coupled with a marginal increase in petrol prices. Additionally, the Ghanaian cedi has depreciated by approximately 1.06% against the dollar.
Despite these fluctuations, the IES anticipates either no change or a marginal drop in fuel prices at the pumps. According to their analysis, diesel and LPG prices fell by about 5.87% and 6.56% respectively, while petrol saw a slight increase of 0.49%.
In May 2024, consumers can expect a slowdown in fuel prices after several weeks of consecutive hikes, primarily due to the moderated price increments observed in refined products on the international market.
“Considering the recent price movements recorded on the international market by the refined petroleum products. Gasoil [diesel] and Liquified Petroleum Gas (LPG) recorded a fall of about 5.87% and 6.56% respectively, Gasoline [petrol] has seen its price increase marginally by about 0.49%. The Ghana cedi’s performance continues to fall against the U.S. Dollar, with its recent fall estimated at about 1.06%.”
“In the coming days of May 2024, consumers are likely to see prices slowing down for all petroleum products after several weeks of hikes. This is coming largely as a result of slowed price increments recorded by refined products on the international market.”
World Fuel Market
During the second pricing window of April 2024, the Global Standard & Poor (S&P) Platts monitoring reported the following closing prices for refined petroleum products: petrol at $942.30 per metric tonne, diesel at $792.02 per metric tonne, and LPG at $483.45 per metric tonne. These prices represent a net effect of a 0.49% increase in petrol price and a 5.87% decrease in diesel price, with LPG experiencing a 6.56% price reduction per metric tonne.
Local Fuel Market Performance
The IES analysis of national average prices for the three refined petroleum products over the past two weeks indicates that petrol sold at an average of GH¢13.81 per litre, diesel at GH¢14.25 per litre, and LPG at GH¢13.65 per kilogram.
Attached is the May 2034 first pricing window projection
IES_MAY_2024_FIRST_PRICING_WINDOW_PROJECTION
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