From tomorrow, May 16, 2023, over the next 14 days, prices of gasoline, diesel, and liquefied petroleum gas (LPG) are anticipated to drop somewhat at the pumps once more.
The Institute for Energy Security (IES) claims that this is due to the stability of the cedi and a decline in the cost of completed goods on the global market.
As a result, it is anticipated that diesel, petrol, and LPG would all sell at 12.30, 12.15, and 12.12, respectively.
The price of petrol [petrol], gasoil [diesel], and liquefied petroleum gas (LPG) declined by 8.40%, 9.98%, and 13.43%, respectively, according to the Institute for Energy Security's (IES) monitoring of prices during the previous two weeks on the Global Standard & Poor's (S&P) Platts platform. Additionally, the Ghana cedi rose 0.17% versus the US dollar.
The article continued, "Following the decline in petroleum product prices on the global market and the strong performance of the Ghana Cedi, domestic prices for all petroleum products are projected to decline." The predicted selling prices for petrol, diesel, and LPG are 12.30, 12.15, and 12.12, respectively.
Performance of the local gasoline market
Domestic prices for gasoline, diesel, and LPG decreased during the first pricing window for May 2023, according to the IEA.
For petrol and diesel, prices decreased by an average of 0.50, while LPG prices decreased by 0.90.
During the pricing window under evaluation, it monitored a number of oil marketing companies (OMCs) and determined that the national average price per liter for gasoline was $12.85, diesel was $12.80, and LPG was $13.46 per kilogram.
global market for oil
During that time, the price of Brent crude hit fresh weekly lows.
Brent oil prices retested their lows from March 2023 last week, suggesting that the current OPEC+ production limitations have not been successful in maintaining price increases.
As a consequence, the price of Brent oil ended the window at $78.06 per barrel after trading at an average price of $76.57 per barrel during the previous two weeks.
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