It is expected that the prices of petrol, diesel and petrol will drop slightly again at the pumps from tomorrow May 16, 2023for the next 14 days.
According to the Institute for Energy Security (IES), this is due to the low prices for finished products in the world market and the stability of the cedi. Therefore, diesel, gasoline, and LPG should sell for 12.30¢, 12.15¢, and 12.12¢, respectively.
"Price monitoring by theInstitute for Energy Security (IES) over the past two weeks on the Global Standard & Poor's(S&P) Platts platform shows that the prices of petrol [petrol], diesel and LPG have decreased by 8.40%, 9.98% and 13.43% respectively. The Ghana cedi also gained 0.17% against the US dollar”.
He added "after the decline in the price of petroleum products in the international market, andthe strong performance of the Ghana Cedi, the domestic prices of all petroleum products are expected to fall." Diesel, gasoline, and LPG are expected to sell for 12.30¢, 12.15¢ and 12.12¢, respectively.”
Performance of the city fuel market
According to the IEA, the first price window of May 2023 saw domestic prices for petrol, diesel and LPG. Prices fell by an average of 0.50¢ for gasolineand diesel, while LPG fell by 0.90¢.
His review of the various oil marketing companies (OMCs) during the price window under review showed the national average price per liter of petrol at 12.85¢ diesel and 12.80¢ and LPG at 13.46¢ per kilogram. world oil market
Brent crude hit a new weekly low during the period.
Current OPEC+ production curbs appear to have failed to keep Brent prices higher as prices tested their March 2023 cut last week. As a result, theprice of Brent crude sold at an average price of $76.57 per barrel in the last two weeks and closed the window at $78.06 per barrel.
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