Petrol and diesel prices to be reduced next week – IES predicts

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The Institute for Energy Security (IES) forecasts that fuel costs will decrease at the pump starting on January 1.

It attributes the anticipated price decline to the cedi’s strengthening versus the US dollar (some 26 per cent in the second pricing window).

Additionally, the cost of petroleum has somewhat decreased on the global market.

The Ghana cedi’s advance against the dollar will “push prices down locally,” according to the report, despite the slight increase in gasoline (Diesel) costs on the global market.

“Prices are, therefore, set to reach ¢9.50 and ¢11.60 per litre for gasoline [petrol] and Gasoil [diesel], respectively, and ¢9 per kilogramme for LPG in the coming days,” the Institute stated.

International market price declines and the strengthening of the Ghana cedi versus the US dollar during the second pricing window in December 2022 had a beneficial impact on the local gasoline market at all Oil Marketing Companies (OMC) outlets IES monitored.

The price decreases across the pricing window result in the national average price per litre of gasoline falling to ¢12.68 from ¢15.16, a 16.36% decrease over the time period.

The nationwide average cost of diesel per litre decreased from 18.78 to 15.55, or around 17.20%.

Brent, the international benchmark for crude oil, lost 0.51% of its value from the average price of $81.90 per barrel during the last window to the current average price of $81.48 per barrel.


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