Fuel prices went down in the second pricing window effective May,16 2023.
Prior to the reduction, the Institute for Energy Security(IES) projected a decline in the prices of the product.
Prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) declined again at the pumps for the next 14 days.
According to IES, this is on the back of a reduction in prices of finished products on the world market and the stability of the cedi.
Diesel and petrol are being sold at ¢12.30, ¢12.15 respectively at the pumps.
In the world oil market, the price of Brent crude reached new weekly lows over the period.
The current OPEC+ production restrictions appear to have failed to keep Brent crude prices higher, as prices retested their March 2023 lows last week.
As a result, the price of Brent crude traded at an average price of $76.57 per barrel the past two weeks and closed the window at $78.06 per barrel.
Here are the prices at the pumps
Price of crude oil
1 year ago: $112
Now: $70Price of fuel in Ghana
⤷ https://t.co/4cO6dFMACL pic.twitter.com/vlo4HnhvRl— CediRates.com (@CediRates) May 17, 2023
Chart credit- CediRates.com