"Fuel: IES forecasts decline in ex-pump prices for second-pricing window of May"

" Fuel: IES forecasts decline in ex-pump prices for second-pricing window of May \r\n\r\nThe Institute for Energy Security (IES) says it expects ex-pump prices of petrol and diesel to decline in the second-pricing window of the month of May.\r\n\r\nThe anticipated decline in fuel prices is attributed to the reduction in prices of refined petroleum products on the international market which is wider than the depreciation level of the Cedi.\r\n\r\n \"Following the changes recorded on the international market for refined petroleum products.\u00a0 Gasoline, Gasoil, and Liquified Petroleum Gas (LPG) recorded a fall of about 5.68%, 4.51%, and\u00a0 4.72% respectively.\u00a0 \r\n\r\n \"The Ghana Cedi\u2019s performance continuous fall against the U.S. Dollar erodes the gains being made as a result of change on the World Fuel Market.\u00a0 \r\n\r\n \"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,\" quipped the IES.\u00a0 \r\n\r\nAccording to the IES, the local currency performance on the foreign exchange market (Forex) for the first pricing-window for May 2024 shows that the local currency lost 2.59% against the U.S. Dollar with the Cedi trading at GHC13.88 after previously trading at GHC13.52 at the beginning of the first trading window for May 2024.\u00a0 \r\n\r\n Local Fuel Market Performance \u00a0 \r\n\r\n The IES notes that the first pricing-window for May 2024 saw marginal increments in the price of some petroleum products, these changes driven largely by the consistent decline in the value of the local currency\u00a0 against other international currencies. \r\n\r\n The price of gasoline rose by an average of about GHC0.35 while that of gasoil remained unchanged amongst most outlets. A close observation of Oil\u00a0 Marketing Companies (OMCs) pricing shows some market leaders sell both products at same price\u00a0 per litre. On the other hand, Liquefied Petroleum Gas sold GHC15.05 after previously being sold\u00a0 at GHC15.10 per kilogram (kg).\u00a0 \r\n\r\n The Institute for Energy Security (IES) computation of national average price for the 3 refined\u00a0 petroleum products for the first pricing-window for May 2024 shows, Gasoline, and Gasoil sells\u00a0 at GHC14.22 and GHC14.00 per litre respectively whereas and Liquefied Petroleum Gas (LPG)\u00a0 sells at GHC15.05 per kilogram (kg).\u00a0 \r\n\r\n The IES Marketscan positions Zen Petroleum, Star Oil, and Benab Oil as OMCs selling at least\u00a0 priced over the last two weeks.\u00a0 \r\n\r\n World Oil Market \u00a0 \r\n\r\n Oil prices edged higher on Monday after losing about $1 a barrel in the previous session on signs\u00a0 that U.S. policymakers are likely to keep interest rates higher for longer.\u00a0 \r\n\r\n Brent crude futures were up 55 cents at $83.34 a barrel by 1239 GMT. U.S. West Texas\u00a0 Intermediate crude futures rose 62 cents to $78.88. Prices were supported by a few factors last\u00a0 week, including a lack of progress in the latest round of negotiations to halt hostilities in Gaza,\u00a0 economic factors are back in the spotlight.\u00a0 \r\n\r\n Analysts expect the U.S. central bank to keep its policy rate on hold for longer, supporting the\u00a0 dollar and making dollar-denominated oil more expensive for investors holding other currencies. Meanwhile, Chinese data at the weekend showed consumer prices rising for a third straight month\u00a0 in April while producer prices extended declines, signalling improved domestic demand. \r\n\r\n Global Standard & Poor (S&P) Platts tracking of petroleum products performance on the world\u00a0 fuels market indicate significant fall in price for Gasoline, Gasoil and LPG. Publishing the data for\u00a0 May 2024 first pricing-window shows the following net changes in price for individual products.\u00a0 Specifically, Gasoline price has fallen by 5.68%, Gasoil price is down by 4.51% and Liquefied\u00a0 Petroleum Gas (LPG) is down by 4.72%.\u00a0 \r\n\r\n The comparative analysis of data revealed all price of petroleum products have fallen significantly on the world fuel market.\u00a0 \r\n\r\n \r\n\r\n "

"Fuel: IES forecasts decline in ex-pump prices for second-pricing window of May"

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