Prices of petrol and diesel are expected to stay the same in the first two weeks of June 2023.

However, the price of Liquefied Petroleum Gas (LPG) is expected to decline by roughly 5% during the same period.

According to the Institute for Energy Security (IES), this follows the Ghana cedi’s strong performance on the domestic forex market during the last two weeks, and the drop in the price of LPG on the international market, though international prices of the liquid products shot up.

“The Institute for Energy Security’s (IES’) review of prices over the past two weeks as monitored by Global Standard & Poor (S&P) Platts platform indicate the prices of Gasoline [ptrol] 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.

Local fuel market performance

The ex-pump prices as observed by the IES 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’ 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.

World Oil Market

The price of Brent crude oil continued trading below $80 per barrel in the last two weeks.

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

Analysts have indicated crude oil prices have touched multi-year lows on several occasions over the past two months.