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The Institute for Energy Security (IES) has forecasted a modest reduction in fuel prices starting from May 16, 2024, based on recent trends in the international market for refined petroleum products. The decline in prices for gasoline (petrol), gasoil (diesel), and liquefied petroleum gas (LPG) on the global market has contributed to this expectation.
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According to the IES, there has been a significant drop in the prices of refined petroleum products internationally, with gasoline prices falling by about 5.68%, diesel by 4.51%, and LPG by 4.72%. These reductions are attributed to global market trends and are more substantial than the depreciation of the Ghanaian cedi.
The analysis from the Global Standard & Poor (S&P) Platts, which tracks petroleum product performance in the global fuels market, aligns with these findings, indicating a notable decrease in prices across all petroleum products.
In terms of local market performance, the first pricing window for May 2024 saw modest increases in petroleum product prices. For example, during that period, petrol was selling for GH¢14.22 per liter, diesel for GH¢14.00 per liter, and LPG for GH¢15.05 per kilogram.
However, with the anticipated reductions in international prices translating into lower ex-pump prices locally, the IES expects fuel prices to decrease in the second pricing window of May 2024. This forecast is welcomed news for consumers and businesses, providing some relief from recent price fluctuations in the fuel market.
