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
-
Elon Musk is sued over $1m election giveaway
2 hours -
US official sees little voting disruption tied to foreign interference
2 hours -
Nigeria court frees 119 protesters after government drops charges
2 hours -
French families sue TikTok over harmful content
2 hours -
Slapping MP shows generational change may not end abuse of power in Nigeria
2 hours -
Zimbabwe bans police from using mobile phones while on duty
3 hours -
Killers of Ugandan Olympian sentenced to 35 years
3 hours -
Elon Musk to spend election night with Donald Trump
3 hours -
Accusations fly in Spain over who is to blame for flood disaster
3 hours -
UCL: Real Madrid lose to AC Milan in second straight home defeat
3 hours -
Queen Camilla cancels events due to chest infection
3 hours -
Economy is growing below potential – IEA
3 hours -
UCL: Gyokeres hat-trick as Amorim’s Sporting thrash Man City
3 hours -
Equatorial Guinea VP warns against office sex after viral videos
3 hours -
Netflix Europe offices raided in tax fraud probe
4 hours