Fuel Price Surge Expected to Ease in Upcoming Days – IES Predicts1 min read
The Institute for Energy Security (IES) anticipates a slowdown in the recent surge of fuel prices in the days ahead. This projection stems from a decrease in diesel and Liquified Petroleum Gas (LPG) prices internationally, juxtaposed with a slight uptick in petrol prices. Additionally, the Ghanaian cedi has depreciated by approximately 1.06% against the U.S. dollar.
Despite these fluctuations, the IES suggests that there may be either no alteration or a marginal decrease in petroleum product prices at the pumps.
In a statement, the IES highlighted the recent price movements in the international market, noting a decline of about 5.87% and 6.56% for diesel and LPG respectively, while petrol saw a marginal increase of about 0.49%. The weakening performance of the Ghanaian cedi against the dollar further influences this scenario.
Looking ahead to May 2024, consumers can expect a moderation in fuel prices after enduring several weeks of increases. This anticipated stabilization primarily stems from the deceleration in price hikes observed in refined products on the global market.
Click on the link below to read the full statement signed by Adam Yakubu, IES Research Analyst below…
