According to the Institute for Energy Security (IES), the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) are expected to slightly decrease at fuel stations, starting from tomorrow, May 16, 2023.
The IES indicated that this is primarily due to the decline in global prices of the refined products and the stability of the cedi, thus, it is expecting that diesel, petrol, and LPG will be sold for ¢12.30, ¢12.15, and ¢12.12, respectively from tomorrow.
“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.