Fuel prices to decrease by 3% to 10%, according to IES

Starting tomorrow, March 16, 2023, the Institute for Energy Security (IES) forecasts a 3%–10% decrease in fuel costs at the pump.

This comes after a two-week drop in the actions of market indicators.

All three of the major fuel products—gasoline, diesel, and liquefied petroleum gas (LPG)—are anticipated to decrease in price.

According to  IES “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”.

Prices on the local petroleum market are anticipated to drop to between Ghc12.60 and Ghc13.40 for gasoline, Ghc13.40 for diesel, and Ghc14 per kilogram for LPG.

Consumers of gasoline products on the domestic market received some relief with the first pricing opening scheduled for March 2023.

Significant drops in the cost of gasoline and fuel relieve domestic customers’ financial burdens.

The nationwide average price for gasoline and diesel was determined to be 13.53 and 13.69 according to the IES tracking of different Oil Marketing Companies (OMCs) for the pricing frame under review.

However, LPG sold for an average nationwide price of 15.44 per kilogram.

Source: Ghanatodayonline.com