Prices of petroleum products to reduce by 10% on December 1 – IES projection

Consumers of petroleum products in the country are expected to witness a reduction in prices between 10 percent and 8 percent from Thursday, December 1, 2022.

The projection, made by the Institute of Energy Security (IES), will be the second consecutive period that will see consumers witness a reduction in the price of petrol and diesel products.

Despite the estimated reduction, the IES in a statement said the price of Liquefied Petroleum Gas (LPG) will however remain stable due to the depreciation of the local currency against major trading currencies.

“Prices of the various finished products will be affected by the 13.45% fall in the price of gasoline [petrol], the 11.63% fall in the price of gasoil [diesel], and the 1.88% fall in the price of LPG,” it explained.

“However, the 3.09% depreciation of the cedi against the US dollar is expected to erode portions of the gains from the reductions in international fuel prices. The price of LPG is however expected to remain stable on account of the cedi’s depreciation,” the IES added.

Since the start of this year, consumers of petroleum products have been experiencing a steady increase in the price of petroleum products at various pumps.

This has then resulted in high cost of living, inflationary pressures and rampant increment in transportation costs for commuters.