Fuel prices to stay same in first half of June

The Institute for Energy Security has projected the  prices of petrol and diesel will not change for at least in the first half of June 2023.

However, the price of liquefied petroleum gas (LPG) would fall by 5 per cent within that period.

The IES attributes the development to the Cedi’s strong performance on the domestic forex market in the past two weeks.

Also, there was a drop in the price of LPG on the international market within the same period.

“The Institute for Energy Security’s review of prices over the past two weeks as monitored by Global Standard & Poor (S&P) Platts platform indicate the prices of Gasoline [petrol] and Gasoil [diesel] have increased at 4.20% and 2.70%, respectively, whereas Liquefied Petroleum Gas (LPG) decreased by 5.80%”.

“The Ghana cedi also gained 5.42% against the U.S dollar over the two weeks trading period on domestic forex market”, it added.

On the local market, the IES said the ex-pump prices as it has observed in the second pricing window for May 2023, fell at an average 3% for both petrol and diesel, with most oil marketing companies (OMCs) selling the two products at the same price in the window.

The IES said it monitoring of various OMCs during the pricing window under review finds the national average price per litre for petrol and diesel at GH¢11.90 and LPG at about ¢13 per kilogramme.

The IES further indicated that the price of Brent crude oil continued trading below $80 per barrel in the last two weeks on the world market.

The average price per barrel over the window traded at about $75.90 per barrel.



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