Fuel prices expected to drop from April 1 - IES

Consumers of petroleum products are expected to witness a significant drop in prices from April 1, 2023.

According to the Institute for Energy Security, fuel prices will likely drop between 2 percent and 9 percent. Liquefied Petroleum Gas (LPG), which is key for many households, will also experience a drop in prices.

The IES explained that prices of petrol and diesel will drop between 2 percent and 5 percent respectively while LPG will decline by about 9 percent.

However, the drop in pricing according to the IES, can attributed to the relative stability of the cedi against the US dollar as well as the easing of prices for finished products on the global market.

“Fuel consumers must expect another round of fuel price drops 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”, Executive Director of IES, Nana Amoasi is quoted by Joy Business.

He continued, “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.”

The IES further pointed out that consumers of petroleum products are expected to experience some reliefs due to the persistent price hikes in fuel over the past six months.

“Households that rely on LPG will be the most beneficiaries as the commodity may post a hefty drop in prices in the coming days,” Nana Amoasi concluded.

Meanwhile, government has indicated that the recent drop in fuel prices can be attributed to its Gold-for-oil policy which commenced at the start of the year.

MA