NEWSJUST IN: Significant Reduction Of Fuel Prices; General Public...

JUST IN: Significant Reduction Of Fuel Prices; General Public To Smile Again As Petrol Will Be Selling At 9.50 Cedis And Diesel 11.60 Cedis Good News Finally Drops- See DETAILS Of Reduction Dates

-

JUST IN: Significant Reduction Of Fuel Prices; General Public To Smile Again As Good News Finally Drops-DETAILS

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 news

Meet The Man Who Donated All The Money His Grandfather Gave Him To A Church And Landed A Fortune

A businessman and real estate developer, Kwadwo Saka Addo Mensah, has detailed the story behind how he became a...

Why Elon Musk Sell X For $33 Billion

Elon Musk on Friday evening announced he has sold his social media company, X, to xAI, his artificial intelligence...

Two Landguards Arrested For Stabbing 2 At Kasoa Ofaakor

The Kasoa Ofaakor District Police Command in the Central Region has arrested two suspected landguards for stabbing two individuals...

Hair Relaxers Linked To Increased Breast Cancer Risk In Ghanaian Women – Details

Hair relaxers, used by many Black women for sleek, straight hair, may pose a significant breast cancer risk. The Ghana...

We’ve Not Frozen Richard Nii Armah Quaye’s Bank Accounts – GRA

The Ghana Revenue Authority (GRA) has dismissed claims that it has frozen the bank accounts of businessman Richard Nii...

Parliament Approves GH¢31.7 Billion Budget Allocation For Ministry Of Education

The Parliament of Ghana has approved a total sum of GH¢31,772,464,382.00 to finance the operations of the Ministry of...

Must read

Meet The Man Who Donated All The Money His Grandfather Gave Him To A Church And Landed A Fortune

A businessman and real estate developer, Kwadwo Saka Addo...

Why Elon Musk Sell X For $33 Billion

Elon Musk on Friday evening announced he has sold...

You might also likeRELATED
Recommended to you