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IES projects significant drop in fuel prices from Friday

 

The Institute for Energy Security (IES) has projected a drastic fall in petroleum prices beginning Friday, December 16, 2022.

The fall according to the IES is due to the 6.60% appreciation of the cedi against the US dollar.

With the price of LPG expected to drop to about ₵12 per kilogram, that of petrol and diesel is projected to fall about ₵13 and ₵16 per litre.

Some Oil Marketing Companies (OMCs) have, however, started reducing their prices at the pumps ahead of the reduction.

“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.

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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.

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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%.

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