The Institute for Energy Security (IES) has projected a slight dip in fuel prices nationwide, effective May 16, 2024, following a decline in global prices of refined petroleum products. This news offers a glimmer of hope for consumers amid concerns over escalating living expenses.
Based on insights from international market trends, the IES highlighted reductions in Gasoline (petrol), Gasoil (diesel), and Liquified Petroleum Gas (LPG) prices by approximately 5.68%, 4.51%, and 4.72% respectively. Corroborating these findings, monitoring by the Global Standard & Poor (S&P) Platts also indicated significant drops in petrol, diesel, and LPG prices on the global stage.
While some local petroleum product prices saw marginal increases during the initial pricing window of May 2024, with petrol retailing at GH¢14.22 per litre, diesel at GH¢14.00 per litre, and LPG at GH¢15.05 per kilogramme, the anticipated price reduction offers relief to consumers, aligning with the downward global trend.
This decrease in fuel prices is expected to counterbalance the impact of the depreciation of the Ghanaian Cedi, providing some reprieve for consumers grappling with economic strains. Moreover, it is anticipated to alleviate transportation costs and alleviate the financial burden on households and businesses nationwide.
Stakeholders are optimistic that the projected decline in fuel prices will yield tangible benefits for the broader economy, fostering stability and resilience in the face of ongoing economic challenges.
Currently, the soaring fuel costs have translated into higher transportation expenses, compounding the challenges faced by citizens and businesses alike.
