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Fuel prices expected to dip slightly – IES

Fuel prices in Ghana are expected to decrease slightly starting May 16, according to the Institute for Energy Security (IES).

The IES attributes the predicted decrease to a reduction in global refined petroleum product prices, which is expected to outweigh the impact of the Ghanaian Cedi’s depreciation.

Global market trends show a decline in gasoline, diesel, and liquefied petroleum gas prices, with reductions of approximately 5.68%, 4.51%, and 4.72%, respectively.

According to the IES, petrol prices decreased by 5.68%, while diesel and LPG prices experienced declines of 4.51% and 4.72%, respectively.

Despite marginal increases in certain petroleum product prices during the first pricing window of May 2024 in the local market, the IES calculates that petrol was retailed at GH¢14.22 per liter, diesel at GH¢14.00 per liter, and LPG at GH¢15.05 per kilogram.

The anticipated decrease in fuel prices is expected to provide some relief to consumers, aligning with the downward trend observed in global petroleum product prices.