Prices of petroleum products are expected to fall significantly beginning this Friday, December 16, 2022, the Institute of Energy Security (IES) has projected.

According to IES, the expected price drops would be significant due to the 6.60% appreciation of the cedi against the US dollar.

It said the new prices will fall to about ¢13 and ¢16 per litre for petrol and diesel, whilst Liquefied Petroleum Gas will go for about ¢12 per kilogram.

Even before that, some Oil Marketing Companies (OMCs) have begun reducing prices of petroleum products.

The IES also foresees the price of the various finished products reducing between 9% and 15%.

“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.

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.

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%.