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During the first two weeks of June 2023, it is expected that prices for LPG (liquefied petroleum gas) will experience a decline of approximately 5%. This price decrease can be attributed to the successful performance of the Cedi on the domestic foreign exchange (FX) market, as reported by the Institute for Energy Security (IES). The global market has witnessed a drop in the price of LPG despite a significant increase in the price of other liquid products.
The IES reviewed prices monitored by the Global Standard & Poor (S&P) platform, which revealed that gasoline (petrol) prices increased by 4.20% and gas oil (diesel) prices increased by 2.70% over the past two weeks. In contrast, the price of LPG decreased by 5.80%.
The Ghana cedi experienced a gain of 5.42% against the U.S. dollar during the two-week trading period on the domestic forex market, as reported by the IES.
According to the IES, both diesel and gasoline ex-pump prices saw an average decrease of 3% during the second pricing window of May 2023. Most Oil Marketing Companies (OMCs) were observed selling both products at the same price.
In the world oil market, the price of Brent crude oil has remained below $80 per barrel during the past two weeks. The average price per barrel traded at approximately $75.90. Analysts have noted that crude oil prices have reached multi-year lows multiple times in the past two months.
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Source: Omanghana.com
