The Institute of Energy Security (IES) predicts that prices for petroleum goods would drop dramatically starting this Friday, December 16, 2022.
The predicted price drops would be significant, according to IES, as a result of the cedi’s 6.60% strengthening against the dollar.
According to the report, the new pricing for petrol and diesel will be between ¢13 and ¢16 per litre , while liquefied petroleum gas will cost between 12 and 13 cents per kilogram.
Even before then, certain Oil Marketing Companies (OMCs) started lowering the cost of fuel at the pump.
“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.
The Global Standard & Poor’s (S&P’s) Platts averages monitored over the last pricing-window indicates that the price of petrol continue to fall, with the price in the period under review dropping by 9.02% from $838.78 per metric tonne to $763.10 per metric tonne.
Diesel price also further dropped by 8.08%, from $969.70 per metric tonne to $891.30 per metric tonne. LPG price also followed in the same direction, falling by 7.38% from $618.20 per metric tonne to $572.58 per metric tonne.
Petrol and diesel fall by 7%, 5.4% on December 1, 2022
The nationwide average price per liter of petrol fell from ¢16.31 to ¢15.16 in the first half of December 2022 as a result of price drops, a 7.05% decrease in that time.
Diesel’s national average per-litre price decreased from $19.86 to $18.78, or around 5.44%.
