According to The Institute for Energy Security (IES), fuel prices would fall significantly from December 16, 2022. The expected price decrement would be significant due to the 6.6% appreciation of the Ghana cedi against the US dollar.
IES has projected that the new prices will fall between ¢13 and ¢16 per liter for petrol and diesel, whilst LPG will go for ¢12 per kilogram.
However, some Oil Marketing Companies (OMCs) have begun decreasing cost of petroleum products at the pumps.
“With the continued price falls recorded on the international market, consumers are set to see further price relief at the pumps. The Institute for Energy Security (IES) predicts that on the back of 9.02%, 8.08% and 7.38% fall in prices of Gasoline [petrol], Gasoil [diesel] and LPG respectively, the domestic OMCs outlets are set to reduce their prices further”, the communique reads.
The Global Standard & Poor’s (S&P’s) Platts averages viewed over the last pricing-window shows that the price of petrol continues to fall, with the price in the period under review decreasing by 9.02% from $838.78 per metric ton to $763.10 per metric ton.
Diesel price has also dropped by 8.08%, from $969.70 per metric ton to $891.30 per metric ton. LPG price followed in the same direction, falling by 7.38% from $618.20 per metric ton to $572.58 per metric ton.
Petrol and diesel fall by 7%, 5.4% on December 1, 2022
The price reductions seen over the first half of December 2022 pegged the national average price per liter of petrol at ¢15.16 from ¢16.31, showing a 7.05% reduction.
The national average price of diesel per liter dropped from ¢19.86 to ¢18.78, falling by roughly 5.44%.
