Prices of petroleum products will go down significantly beginning this Sunday, January 1, 2023, the Institute for Energy Security (IES) has predicted.
This follows an improvement in the value of the Ghana cedi to the dollar during the last two weeks and a slight reduction in the price of crude oil on the world market.
The prediction is coming on the back of the 5.28% and 5.09% fall in the prices of petrol and Liquefied Petroleum Gas respectively and the 26.51% appreciation of the cedi against the US dollar in the second pricing window of December.
”Despite the marginal rise in the price of gasoil [diesel] on the international market, the Ghana cedi’s appreciation against the dollar will force prices down locally”, it said
“Prices are, therefore, set to reach ¢9.50 and ¢11.60 per litre for gasoline [petrol] and gasoil [diesel] respectively, and ¢9 per kilogram for LPG in the coming days,” the Institute stated.
Local fuel market performance
The second pricing window of December 2022 saw international market price falls and the Ghana cedi’s appreciation against the US dollar reflecting on the domestic fuel market positively at all Oil Marketing Companies (OMC) outlets monitored by IES.
The price reductions seen over the pricing window peg the national average price per litre of petrol at ¢12.68 from ¢15.16, representing a 16.36% reduction over the period. Diesel national average price per litre moved from¢18.78 to ¢15.55; falling by roughly 17.20%.
World oil market
International Crude oil benchmark Brent fell by 0.51% in price over the previous window’s average price of $81.90 per barrel to the present average price of $81.48 per barrel.
Latest Stories
-
Kwame Opoku confident Kotoko will not end season trophyless
1 minute -
Feed Ghana: Ahafo Minister presents machinery to Kenyasi prisons to boost food production
2 minutes -
‘I’m not a happy man’ – Kwame Opoku reflects on missed chances despite brace
7 minutes -
We’re focused on results, not slogans – Deputy Finance Minister fires back at Bawumia’s Cedi comments
8 minutes -
Addressing flooding requires multi-sectorial approach- Ken Gilbert Adjei
9 minutes -
Ghana Museums and Monuments Board commemorates International Day of Museums
13 minutes -
MTI urges war on illegal activities behind Ghana’s perennial flooding, says “The Time to Act is Now”
13 minutes -
GMet forecasts rain, thunderstorms across parts of Ghana this evening
16 minutes -
GAA President describes relationship with GES as “very thorny”
19 minutes -
Sam George demands retraction of Lexus gift allegation by NPP activist
21 minutes -
Recruit more education support personnel – TEWU tells gov’t
22 minutes -
ActionAid Ghana, CMCE sensitise women on sexual harassment, exploitation, and abuse
30 minutes -
Ban MPs from sitting on boards of public institutions – Dr Rasheed
37 minutes -
Togolese robbery suspect referred for psychiatric evaluation after allegedly eating his own faeces
42 minutes -
ECG power sale losses hit 32%, highest in over two decades – Energy Commission
45 minutes