From April 1, 2023, fuel costs will drop between 2% and 9% for the third time in a row, with Liquefied Petroleum Gas (LPG) anticipated to experience the biggest drop in recent memory.
The Institute for Energy Security predicts that the price of LPG will decrease by about 9%, while the price of gasoline and fuel will fall by between 2% and 5%.
The institute attributes the decline to the cedi’s stability against the dollar and the lowering of completed goods costs on the global market.
“In the upcoming days, gasoline users should anticipate further fuel price reductions. According to Nana Amoasi VII, Executive Director of the Institute for Energy Security, “the impending price drop is a reflection of developments on the global fuel market over the past two weeks, which show decline in prices of gasoline [petrol], Liquefied Petroleum Gas, and some other finished products.”
“In the last 14 days, the price of gasoline [petrol] on the world market posted a drop of $21 per metric tonne. Gasoil [diesel] also dropped by roughly 3.6% from the previous price of $813 per metric tonne”, Nana Amoasi VII said.
LPG is the product that recorded the largest price decline over the last two weeks on the global market, according to Nana Amoasi VII. The price of the product dropped dramatically by $95 per metric tonne, or about 15%.
As he noted, “households that rely on LPG will be the most beneficiaries as the commodity may post a hefty drop in prices in the coming days,” he came to the conclusion that Ghanaians should anticipate some relief from the high fuel prices recorded in the previous six months.