In the first two weeks of June 2023, prices for LPG (liquefied petroleum gas) will likely decline by around 5%.
The fall occured after the Cedi had a successful two-week run on the domestic FX market, according to the Institute for Energy Security (IES).
The decrease in LPG’s price on the global market, despite a sharp increase in the price of liquid products, is also responsible.
“The Institute for Energy Security’s (IES’) review of prices over the past two weeks as monitored by Global Standard & Poor (S&P) 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%,”it .
“The Ghana cedi also gained 5.42% against the U.S dollar over the two weeks trading period on domestic forex market”, it added.
Both diesel and gasoline ex-pump prices decreased by an average of 3% in the second pricing window for May 2023, according to the IES, with the majority of Oil Marketing Companies (OMCs) selling the two products at the same price.
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.