Fuel pump
The Institute for Energy Security (IES) has projected a slowdown in fuel price increases in the near future.
This forecast is based on a decrease in the prices of diesel and Liquified Petroleum Gas (LPG) on the global market, coupled with a slight rise in petrol prices. Additionally, the Ghana cedi experienced a depreciation of approximately 1.06% against the dollar.
Despite the marginal increase in petrol prices internationally, the IES anticipates either no change or a slight drop in fuel prices at the pumps.
According to the IES, diesel and LPG prices fell by about 5.87% and 6.56%, respectively, while petrol prices saw a minor increase of around 0.49%. The recent depreciation of the Ghana cedi against the U.S. Dollar further influenced these projections.
“In the coming days of May 2024, consumers are likely to see prices slowing down for all petroleum products after several weeks of hikes. This is coming largely as a result of slowed price increments recorded by refined products on the international market.,” IES stated.