The Institute for Energy Security (IES) has projected a significant fall in prices of petroleum products beginning Friday, December 16, 2022.

The IES indicates that the expected fall follows the continuous appreciation of the cedi against the US dollar in recent times and the continued price falls recorded on the international market over the first pricing window.

The cedi’s appreciation against the US dollar currently stands at 6.60 percent.

Resultantly, new prices are projected to be at about GH¢13 and GH¢16 per litre for petrol and diesel respectively while Liquefied Petroleum Gas is expected to sell at GH¢12 per kilogram.

“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”, the IES said in a statement.

World fuel market

The global Standard & Poor’s (S&P’s) Platt averages monitored over the last pricing-window indicate that the price of petrol continues to fall, with price in the period under review dropping by 9.02 percent from US$838.78 per metric tonnes to US$763.10 per metric tonnes.

Diesel prices also further dropped by 8.08 percent from US$969.70 per metric tonne to US$891.30 per metric tonne. LPG price also followed in same direction, falling by 7.38 percent from US$618.20 per metric tonne to US$572.58 per metric tonnes.