The Institute for Energy Security forecasts that, starting on Thursday, December 1, 2022, fuel costs will decrease by 10% to 8% for consumers of petroleum products.
On the other hand, because of the depreciation of the cedi, it is anticipated that the price of liquefied petroleum gas (LPG) will stay stable.
The cost of gasoline and diesel will be declining for the second time in a row.
“Prices of the various finished products will be affected by the 13.45% fall in the price of gasoline [petrol], the 11.63% fall in the price of gasoil [diesel], and the 1.88% fall in the price of LPG.
However, the 3.09% depreciation of the cedi against the US dollar is expected to erode portions of the gains from the reductions in international fuel prices. The price of LPG is however expected to remain stable on account of the cedi’s depreciation”.
On the international market, Brent crude saw a 6.31% decrease in price over the previous window’s average price of $95.11 per barrel to the present average price of $89.11 per barrel.
On Monday [November 28, 2022], new concerns about China shook the world's markets as oil prices dropped to their lowest levels in 11 months.
Currently, the price of crude oil per barrel is around $86.
Prices for diesel significantly decreased.
Petrol sold for 16.31 per litre during the most recent price review, down from 17.62, a 7.43% decrease in that time.
Diesel also dropped from 23.07 to 19.86, a decrease of almost 13.91%.
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