Fuel prices to reduce significantly from January 1, 2023

The Institute for Energy Security has predicted a significant reduction in the prices of petroleum products from January 1, 2023.

They attribute the reduction to recent stability in the cedi and the 5.28% and 5.09% fall in the prices of petrol and Liquefied Petroleum Gas.

“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.

“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.

Fuel prices began reducing from the second pricing window of December 2022.

This was also attributed to the cedi’s appreciation against the dollar.

Fuel was selling at a national average price of ¢12.68 from ¢15.16 for a litre of fuel, representing a 16.36% reduction over the period.

Diesel was also pegged at a national average price per litre moved from¢18.78 from ¢15.55; falling by roughly 17.20%.

On the international market, Brent fell by 0.51% over the previous window’s average price of $81.90 per barrel to the present average price of $81.48 per barrel.