Fuel prices to fall significantly starting December 16, 2022

Fuel prices to fall significantly starting December 16, 2022

As of this Friday, December 16, 2022, prices for petroleum goods are predicted by the Institute of Energy Security (IES) to drop dramatically.

The predicted price cuts would be substantial, according to IES, as a result of the cedi’s 6.60% strengthening versus the US dollar.

According to the report, the new pricing for gasoline and diesel would be between 13 and 16 cents per liter, while liquefied petroleum gas will cost between 12 and 13 cents per kilogram.

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 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%.

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

The nationwide average price per litre of gasoline was reduced to $15.16 from $16.31 during the first half of December 2022, a 7.05% decrease during that time.

Diesel’s national average per-litre cost decreased from $19.86 to $18.78, or around 5.44%.

Fuel prices to fall significantly starting December 16, 2022 Fuel prices to fall significantly starting December 16, 2022 Fuel prices to fall significantly starting December 16, 2022 Fuel prices to fall significantly starting December 16, 2022 Fuel prices to fall significantly starting December 16, 2022

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