Petrol, Diesel Prices To Dtay Same; LPG To Go Down 5%

As part of measures to make tourism play its leading role in the economic progress of the country, Ghana is working towards attracting two million international arrivals that will culminate in a $4 billion spending impact by 2025, President Nana Addo Dankwa Akufo-Addo has stated.

He said as part of the measures put in place, the Ministry of Tourism, Arts and Culture had been charged with ramping up its promotional activities, policies and programmes to achieve the target.

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

Local fuel market performance

The ex-pump prices as observed by the IES 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’ 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.

World Oil Market

The price of Brent crude oil continued trading below $80 per barrel in the last two weeks.

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

Analysts have indicated crude oil prices have touched multi-year lows on several occasions over the past two months.