By Friday, December 16, 2022, the price of petroleum products will have drastically decreased due to the appreciation of the Ghana Cedi.
IES predicts that the price of gasoline and diesel will drop to between Ghc13 and Ghc16 per liter, while liquefied petroleum gas would cost between 12 and 13 pence per kilogram.
Before then, certain Oil Marketing Companies (OMCs) started lowering the cost of gasoline at the pump.
In a statement issued by IES they gave this explanation over the reduction“With the continued price falls recorded on the international market, consumers are set to see further price relief at the pumps. The Institute for Energy Security (IES) predicts that on the back of 9.02%, 8.08% and 7.38% fall in prices of Gasoline [petrol], Gasoil [diesel] and LPG respectively, the domestic OMCs outlets are set to reduce their prices further”.
The price of gasoline continued to decline over the period under review, falling by 9.02% from $838.78 per metric tonne to $763.10 per metric tonne, according to the global Standard & Poor’s (S&P’s) Platts averages observed throughout the most recent pricing window.
Additionally, the price of diesel decreased by 8.08%, falling from $969.70 to $891.30 per metric tonne.
The price of LPG decreased in the same manner, dropping from $618.20 per metric tonne to $572.58 per metric tonne by 7.38%.