The Institute for Energy Security has projected that starting on May 16, 2024, fuel prices will decrease somewhat.

This is because refined petroleum products have seen price reductions on the global market that are greater than the depreciation of the cedi.

“Following the changes recorded on the international market for refined petroleum product, Gasoline [petrol], Gasoil [diesel] and Liquified Petroleum Gas (LPG) recorded a fall of about 5.68%, 4.51% and 4.72% respectively”.

“In the second pricing-window for May 2024, ex-pump is expected to fall given the reductions recorded for refined petroleum products on the international market, which is wider than Ghana cedi depreciation”, it mentioned.

Certain petroleum products saw slight price increases during the first pricing window that ran through May 2024.

According to the IES calculation of petroleum products for May 2024, LPG sold for GH15.05 per kilogramme, while gasoline and diesel sold for GH14.22 and GH14.00 per liter, respectively.