Source: newsthemegh.com
It is anticipated that the cost of LPG (liquefied petroleum gas) will decrease by around 5% in the first two weeks of June 2023.
According to the Institute for Energy Security (IES), the Cedi’s strong performance on the local foreign exchange (FX) market is to blame for the price drop.
Despite other liquid goods’ prices significantly rising, LPG’s price has decreased on the global market.
Gasoline (petrol) prices grew by 4.20% and gas oil (diesel) prices increased by 2.70% over the previous two weeks, according to the IES evaluation of prices tracked by the Global Standard & Poor (S&P) platform. LPG’s cost, on the other hand, dropped by 5.80%.
According to the IES, the Ghana cedi increased by 5.42% against the US dollar over the two-week trading period on the local forex market.
According to the IES, during the second pricing window of May 2023, the ex-pump prices of diesel and gasoline both decreased on average by 3%. Most Oil Marketing Companies (OMCs) were seen charging the same price for both goods.
Over the past two weeks, the price of Brent crude oil on the international oil market has stayed below $80 per barrel. About $75.90 was the average price per barrel that was traded. Analysts have highlighted that the price of crude oil has frequently fallen below multi-year lows over the last two months.