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Expect up to 9% reduction in fuel prices – IES tells consumers

Source the Ghana Report

The Institute for Energy Security(IES) has predicted that fuel prices will fall between 2% and 9% for the third consecutive time from April 1, 2023.

Liquefied Petroleum Gas (LPG) is also expected to witness its biggest decline in recent times.

According to IES, LPG will go down by about 9%, while petrol and diesel will witness a 2% and 5% drop, respectively.

The institute is attributing the drop to the stability of the cedi to the dollar and the easing of prices of finished products on the world market.

“Fuel consumers must expect another round of fuel price drops in the coming days. The imminent price drop is a reflection of happenings on the world fuel market over the past two weeks, which shows a decline in prices of gasoline [petrol], Liquefied Petroleum Gas and some other finished products,” Nana Amoasi VII, Executive Director of the Institute for Energy Security, stated.

“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,” he added.

Nana Amoasi VII further added that LPG is the product that posted the biggest drop in price over the last two weeks on the world market. The commodity’s price fell by a whopping $95 per metric tonne, about a 15% drop.

He concluded that Ghanaians should expect some relief from the high fuel prices recorded in the past six months, noting “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 said on Joy News on March 28.

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