Fuel prices to go down drastically from December 16, 2022

As of this Friday, December 16, 2022, prices for petroleum products are predicted by the Institute of Energy Security (IES) to drop significantly.
The predicted price cuts would be substantial, according to IES, as a result of the cedi’s 6.60% strengthening against the US dollar.
According to the report, the new pricing for gasoline and diesel will be between 13 and 16 cents per liter, while liquefied petroleum gas will cost between 12 and 13 cents per kilogram.

Fuel prices to go down drastically from December 16, 2022
Before then, certain Oil Marketing Companies (OMCs) started lowering the cost of gasoline at the pump.

“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”, it explained.

World market price

The Global Standard & Poor’s (S&P’s) Platts averages monitored over the last pricing-window indicates that the price of petrol continue to fall, with the price in the period under review dropping by 9.02% from $838.78 per metric tonne to $763.10 per metric tonne.

Diesel price also further dropped by 8.08%, from $969.70 per metric tonne to $891.30 per metric tonne. LPG price also followed in the same direction, falling by 7.38% from $618.20 per metric tonne to $572.58 per metric tonne.

Petrol and diesel fall by 7%, 5.4% on December 1, 2022

The price reductions seen over the first half of December 2022 pegged the national average price per litre of petrol at ¢15.16 from ¢16.31, representing a 7.05% reduction over the period.

The national average price of diesel per litre moved from ¢19.86 to ¢18.78; falling by roughly 5.44%.