Petrol, diesel prices to stay same in first half of June, LPG to fall 5%

The prices of petrol and diesel are expected to remain the same in the first half of June, the Institute for Energy Security has projected.

It notes, however, that the price of liquefied petroleum gas (LPG) would fall by 5 per cent within that period.

The IES puts it down to the Ghana cedi’s strong performance on the domestic forex market in the last two weeks, and the drop in the price of LPG on the international market, even though international prices of the liquid products shot up.

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

On the local market, the IES said the ex-pump prices as it has observed 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 said its 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.

On the world market, the IES said the price of Brent crude oil continued trading below US$80 per barrel in the last two weeks.

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