Fuel costs will drop dramatically starting on December 16, 2022

The Institute for Energy Security (IES) forecasts that prices for petroleum goods would drop dramatically starting this Friday, December 16, 2022.

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 litre, while liquefied petroleum gas will cost between 12 and 13 cents per kilogramme.

Before then, certain Oil Marketing Companies (OMCs) started lowering the cost of gasoline at the pump.

“Consumers should expect greater price relief at the pumps given the ongoing price declines observed on the global market. According to the Institute for Energy Security (IES), domestic OMC outlets would likely lower their pricing further as a result of the respective 9.02%, 8.08%, and 7.38% drops in the price of gasoline (petrol), gasoil (diesel), and LPG.

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 over 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 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.

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

Source: www.pfmtaxafrica.com/Amos Ekow Coffie