The Institute for Energy Security (IES) has predicted that prices of petroleum products in Ghana will drop significantly starting this Friday, December 16, 2022. New fuel prices fall to between 13 and 16 cents per liter. Fuel prices are expected to fall from today (December 16, 2022).
The expected price drops would be significant, according to IES, because the cedi would appreciate by 6.60 percent against the US dollar.
It stated that the new prices for gasoline and diesel will be approximately 13 and 16 cents per liter, respectively, while the price for liquefied petroleum gas will be approximately 12 cents per kilogram.
Prior to that, some Oil Marketing Companies (OMCs) have started lowering the prices of petroleum products sold at gas stations.
Consumers can anticipate further price relief at the pump as a result of the ongoing price declines observed on the international market.
According to the Institute for Energy Security (IES), “the domestic OMCs outlets are set to reduce their prices further” in light of the 9.02 percent, 8.08 percent, and 7.38 percent falls in the prices of gasoline (petrol), gasoline (diesel), and LPG, respectively.
The Global Standard & Poor’s (S&P) Platts averages that were tracked during the most recent pricing window show that the price of gasoline continues to fall. During the time under consideration, the price decreased by 9.02 percent, going from $838.78 per metric tonne to $763.10 per metric tonne.
The price of diesel decreased even further, from $969.70 per metric tonne to $891.30 per metric tonne, by 8.08 percent. The price of LPG also fell in the same direction, from $618.20 per metric tonne to $572.58 per metric tonne, a decrease of 7.38 percent.
Petroleum and diesel fell by 7%, 5.4% on December 1, 2022. The price reduction seen over the first half of December 2022 fixed the national average price per liter of petroleum at ¢15.16 from ¢16.31, representing a 7.05% decrease over the period.
The national average price of a liter of diesel increased to 18.78 from 19.86; falling by about 5.44 percent.