CEO of the Centre for Environmental Management and Sustainable Energy (CEMSE), Ben Nsiah
The Chief Executive of the Centre for Environmental Management and Sustainable Energy (CEMSE), Ben Nsiah, has disclosed that Ghana is likely to experience a drop in fuel prices starting in May this year.
He projected that petrol and diesel could fall to GH¢13 per litre, while Liquefied Petroleum Gas (LPG) may drop to GH¢14 per kilogram.
His projection follows a recent decline in Brent crude prices on the international market.
On Sunday, April 6, 2025, crude oil fell below US$60 for the first time since 2021, a development linked to import tariffs imposed by U.S. President Donald Trump on certain countries.
By Tuesday, April 7, 2025, Brent crude had dropped further, dipping below US$57 amid escalating trade war tensions.
In an exclusive interview with GhanaWeb Business, Nsiah stated that the consistent drop in Brent crude prices comes at an opportune time, as the Ghanaian government is actively exploring ways to reduce fuel costs.
He explained that this significant drop in crude oil prices could help ease fuel costs at the pump, ultimately cushioning consumers.
“Crude oil dropping to its lowest in five years will have three key impacts. The first is that petroleum users will benefit in the coming pricing windows, particularly if the cedi remains stable or appreciates slightly against the dollar. Prices are likely to decline further in May and June, potentially reaching around GH¢13–14 per litre for petrol and diesel, and around GH¢14 per kilogram for LPG,” he said.
Nsiah also noted that the fall in crude prices may lead to a marginal drop in inflation in the coming months.
“We are likely to record lower inflation soon due to this decline in international crude prices,” he added.
SP/MA
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