Price of petrol, diesel to fall to GHS 13, GHS 16 on Friday over cedi appreciation
The prices of petroleum products – petrol and diesel – is expected to significantly fall at the beginning of the second pricing window of the month of December.
Per projections from the Institute of Energy Security (IES), the new prices of petrol, diesel and LPG will be GHS 13, GHS 16 and GHS respectively at the various pumps.
This is from the previous prices of GHS 16.31 and GHS 19.58 for petrol and diesel at the beginning of the first pricing window.
The price reductions seen over the first half of December 2022 pegged the national average price per litre of petrol at GHS 15.16 from GHS 16.31, representing a 7.05% reduction over the period.
The national average price of diesel per litre moved from GHS 19.86 to GHS 18.78; falling roughly by 5.44%.
“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 IES noted.
According to the IES, the significant fall in the price of petrol, diesel and LPG is due to the 6.6% appreciation of the local currency against the dollar.
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.
