The Institute for Energy Security (IES) has predicted an increase in fuel prices in the first half of June 2024, due to developments in the foreign fuel and domestic forex markets, as the cedi’s performance continues to deteriorate.

According to recent data from IES, petrol, diesel and LPG prices have decreased by 4.17%, 0.87%, and 3.44%, respectively, over the past two weeks.

Normally, such a trend would lead to lower prices at the pump; however, the Ghana Cedi’s significant depreciation against the US dollar — a 4.17% drop—might negate these gains and limit the price reduction for consumers.

IES analysis of global petroleum product trends, as reflected in Standard & Poor’s (S&P’s) Platts, indicates that petrol, diesel, and LPG prices have all declined.

The latest data from the second pricing window of May 2024 shows that petrol prices dropped to $851.73 per metric ton, diesel to $749.70 per metric ton, and LPG to $444.80 per metric ton.

This represents a decrease of 4.17% for petrol, 0.87% for diesel, and 3.44% for LPG.