Fuel prices will drop again from May 16 – IES

Gasoline, diesel and liquefied petroleum gas (LPG) prices are expected to decline slightly again at pumping stations from tomorrow May 16, 2023 over the next 14 days. According to the Institute for Energy Security (IES), this is due to lower finished product prices on world markets and the stability of the cedi.

Therefore, diesel, gasoline and LPG will be sold at 12.30¢, 12.15¢ and 12.12 respectively. “The Energy Security Institute’s (IES) price tracking over the past two weeks on Standard & Poor’s (S&P) Platts platform shows that gasoline [petrol], diesel [diesel] and liquefied petroleum gas (LPG) prices have fallen) by 8.40%, 9.98% and 13.43% respectively.

The Ghanaian cedi also gained 0.17% against the US dollar.” “Following the decline in petroleum product prices in the international market, coupled with strong Ghanaian Cedi performance, domestic prices of all petroleum products are expected to decline,” he added. Diesel, gasoline and LPG are expected to be sold for 12.30 cedi, 12.15 yen and 12.12 cedi, respectively.

Activities of the domestic petroleum market

According to the IEA, the first valuation period of May 2023 saw domestic gasoline, diesel and LPG prices plummet. Gasoline and diesel prices decrease by 0.50 cedi on average, while LPG fell by 0.90 cedi.

Monitoring of various petroleum marketing companies (OMCs) during the pricing period under review showed that the national average price per liter of gasoline was 12.85 cedi, diesel was 12.80 yen and LPG is 13.46¢ per kg. world oil market

The price of Brent hit a new weekly low during this period. Current OPEC+ production restrictions appear to have failed to keep Brent prices higher as prices retested their March 2023 lows last week.

As a result, Brent crude oil prices traded at an average price of $76.57 per barrel over the past two weeks and closed the window at $78.06 per barrel.

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