Prices of petroleum products are expected to fall significantly beginning this Friday, December 16, 2022, the Institute for Energy Security (IES) has projected.
According to IES, the expected price drops would be significant due to the 6.60% appreciation of the cedi against the US dollar.
It said the new prices will fall to about ¢13 and ¢16 per litre for petrol and diesel, whilst Liquefied Petroleum Gas will go for about ¢12 per kilogram.
Even before that, some Oil Marketing Companies (OMCs) have begun reducing prices 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”, it explained.
Diesel price also further dropped by 8.08%, from $969.70 per metric tonne to $891.30 per metric tonne.
The price reductions seen over the first half of December 2022 pegged the national average price per litre of petrol at ¢15.16 from ¢16.31, representing a 7.05% reduction over the period.
The national average price of diesel per litre moved from ¢19.86 to ¢18.78; falling by roughly 5.44%.