Petrol and diesel prices to fall slightly as global prices decline — IES

Prices at the pump are expected to see a marginal reduction this week following a drop in international fuel prices, according to market analysts.

The Institute for Energy Security (IES) has indicated that fuel prices will fall by 2-4% for petrol and diesel respectively in the coming days.

In a statement, IES disclosed that "it is expected that the prices of the two commodities [petrol and diesel] will fall on the domestic fuel market. The price of liquid fuels on the local market are likely to drop marginally given that net price reductions recorded on international fuels market."

World benchmarks tracked by S&P Platts show the prices of petrol and diesel declining by 2.8% and 4.84% to $767.20 and $810.70 per metric tonne respectively.

"Specifically, liquid fuels price could go down between 2%-4% respectively," IES noted.

However, liquefied petroleum gas may see a 5% increase locally due to a 9.71% uptick in international pricing to $573.20/tonne coupled with cedi depreciation.

Domestic retailers have held fuel costs steady in the first half of December with petrol currently being sold at GHS12.21 while diesel at GHS13.10.