The Institute for Energy Security (IES) says prices of petrol and diesel are expected to drop significantly between 3% and 10% at the pumps, from Thursday, March 16, 2023.

In a statement, IES said petrol prices will fall to GHC12.60 while diesel will reduce to GHC13.40 per litre.

The statement further said LPG prices are also expected to decline to GHC14 per kilogramme.

“On the back of the falling international liquid fuel prices as observed on the global S&P Platts platform, and the local currency’s improved (poor – delete) performance against the U.S. dollar, the Institute for Energy Security (IES) estimates a further drop in the prices of gasoil, gasoline and LPG respectively.”

“Prices are set to fall between 3% and 10% at the pumps following a decline the activities of price indicators in the last 2 weeks.”

“The last two weeks has seen price indicators on both the domestic and international fronts falling and this can translate into some price reductions at the pumps for various petroleum products. The domestic fuel market prices are projected to fall between GHC12.60 for gasoline, GHC13.40 for gas oil and LPG GHC14 per kilogramme,” the IES statement said.

IES explained that its projections are on the back of the falling international liquid fuel prices as observed on the global S&P Platts platform, and the local currency’s improved performance against the U.S. Dollar.