Fuel prices to rise again in June — IES

Fuel prices are anticipated to increase in the first half of June 2024, according to the Institute for Energy Security (IES).

This projection is based on developments in the international market and the worsening performance of the Ghana cedi.

Over the past two weeks, gasoline (petrol), gasoil (diesel), and liquefied petroleum gas (LPG) have seen price decreases by 4.17%, 0.87%, and 3.44%, respectively. While these favorable changes in international market prices would typically lead to reduced prices at local pumps, the significant depreciation of the cedi against the U.S. dollar is likely to negate these potential savings for consumers.

IES's monitoring of the global Standard & Poor’s (S&P) Platts indicates that the prices of petrol, diesel, and LPG have all decreased. Data for the second pricing window of May 2024 show petrol at $851.73 per metric tonne, diesel at $749.70 per metric tonne and LPG at $444.80 per metric tonne. These figures reflect net decreases of 4.17% for petrol, 0.87% for diesel and 3.44% for LPG.

Despite these international price reductions, the loss in the local currency’s value has stalled expected price drops at the domestic pump. Diesel and petrol prices remained relatively stable among most Oil Marketing Companies (OMCs) during the period.

The IES's calculation of the national average prices for the second pricing window of May 2024 shows petrol and diesel selling at GH₡14.22 and GH₡14.00 per litre respectively, while LPG is priced at GH₡15.63 per kilogram.