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Business News of Wednesday, 15 May 2024

    

Source: www.ghanaweb.live

Fuel prices expected to dip slightly by May 16 – IES predicts

Fuel pump Fuel pump

The Institute for Energy Security (IES) has projected a slight decline in fuel prices starting May 16, 2024.

IES attributes this to the decrease in the prices of refined petroleum products on the global market, surpassing the depreciation of the cedi.

According to the IES, Gasoline (petrol), Gasoil (diesel), and Liquified Petroleum Gas (LPG) have experienced reductions of approximately 5.68%, 4.51%, and 4.72% respectively on the international market.

"In the second pricing-window for May 2024, ex-pump is expected to fall given the reductions recorded for refined petroleum products on the international market, which is wider than Ghana cedi depreciation," the IES stated.