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Fuel prices to fall between 2% and 9% from April 1 – IES

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

“In the last 14 days, the price of gasoline [petrol] on the world market posted a drop of $21 per metric tonne”

The IES also noted that Liquefied Petroleum Gas (LPG) is expected to see a massive decline, about 9% drop in recent times.

Petrol and diesel will fall between 2% and 5%, all things being equal.

According to the Institute the drop will be as result of the stability of the Ghana cedi to the US dollar and the decline in the prices of finished products on the world market.

“Fuel consumers must expect another round of fuel price drop 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 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 told Joy News.

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 opined 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 15% drop.

He concluded that Ghanaians should expect some relieve 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”.

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