For the first time in 12 months, petrol is likely to sell at a single-digit rate at the local pumps in the first week of January 2023, some market analysts have projected.

The Institute for Energy Security (IES) is projecting that the price of petrol would drop significantly to about GH¢9.50 per litre, from the current national average of GH¢12.68.

Diesel is also expected to drop significantly to about GH¢11.60 from the current national average of GH¢15.55.

In the first week of January 2022 petrol and diesel were selling at a national average of GH¢6.7 and GH¢6.9 per litre respectively.

Fritz Moses, Research Analyst, IES, told the GNA that the price of Liquefied Petroleum Gas (LPG) was expected to drop to GH¢9 per kilogram from January 1, 2023.

He said the downward decline in fuel prices experienced in the last few weeks would be sustained so long as prices of petroleum products on the international market plummeted and the Cedi strengthened against the Dollar.

“Despite the marginal rise in the price of Gasoil on the international market, the Ghana Cedi’s appreciation against the Dollar (26.51 percent) will force prices down locally.

“Prices are set to reach GH¢9.50p and GH¢11.60p per litre for Gasoline and Gasoil respectively, and GH¢9 per kilogram for LPG in the coming days,” Mr Moses said.

The Chamber of Petroleum Consumers (COPEC) also projected that prices of petrol and diesel would record significant decline at the pumps from January 1, 2023.

The Chamber projected that petrol would sell at GH¢10.63, representing 13.78 percent drop, while diesel would sell at GH¢12.85, representing a decline of 15.86 percent.

“With the international price decreasing from $573.43/MT to $544.23/MT (-5.09 percent) the projected retail price of LPG is expected to decrease by about 25.16 percent from the current average of 13.63/kg to GH¢10.20/kg,” the Chamber projected.