IES Predicts Stabilization in Fuel Prices for the First Half of May

The Institute for Energy Security (IES) has forecasted stabilization in fuel, diesel, and Liquefied Petroleum Gas (LPG) prices during the first two weeks of May.

A research analyst at IES, Adam Yakubu, highlighted the recent fluctuations in these commodities’ pricing, noting a recent downward trend that is anticipated to contribute to price stabilization in Ghana.

Speaking with Peace FM News, he emphasized that following their monthly assessment of fuel prices, consumers can anticipate a slowdown in pricing across all petroleum products throughout the initial days of May 2024.

This shift is primarily attributed to subdued price increases observed in refined products on the international market.

Furthermore, Yakubu noted the ongoing depreciation of the cedi against the dollar, stressing that while this may not directly lead to price reductions, it is expected to contribute to price stabilization.

Mr. Yakubu further explained that Ghana operates within a two-pricing window regime, underscoring the uncertainty regarding price movements beyond the initial two weeks of May. He suggested that if the cedi appreciates, prices may decrease during the second week of May; however, the outcome remains uncertain. Nonetheless, consumers should anticipate price stabilization in the interim.