Fuel prices fall by 2% at some pumps

Fuel prices have seen some slight reduction at the pumps since April 1, 2023.

Some Oil Marketing Companies have reviewed their prices to reflect the 2% and 5% reduction in petrol and diesel accordingly.

GOIL is selling a litre of petrol at GH¢12.65 and diesel at GH¢12.84 pesewas, respectively.

The Institute for Energy Securities had projected that fuel prices will fall by between 2 and 9 percent for the third consecutive time from April 1, 2023, with Liquefied Petroleum Gas (LPG) expected to witness its biggest decline in recent times.

It also predicted that LPG will go down by about 9 percent while petrol and diesel will witness a drop between 2 percent and 5 percent.

The reduction was however linked to the stability of the cedi against the dollar and the easing of prices of finished products on the international market.

“Fuel consumers must expect another round of fuel price drops in the coming days", the IES announced.

“The imminent price drop is a reflection of happenings on the world fuel market over the past two weeks which shows a 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, said.

“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 percent from the previous price of $813 per metric tonne,” he added.

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SSD/MA