Petroleum product prices are expected to fall significantly beginning this Friday, December 16, 2022, according to the Institute for Energy Security (IES).
According to IES, the expected price drops are significant due to the cedi’s 6.60% appreciation against the US dollar.
The new prices for petrol and diesel will be around 13 and 16 cents per litre, respectively, while Liquefied Petroleum Gas will be around 12 cents per kilogram.
Even before that, some Oil Marketing Companies (OMCs) began lowering pump prices for petroleum products.
“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 show that petrol prices continue to fall, with the price in the period under review falling by 9.02% from $838.78 per metric tonne to $763.10 per metric tonne.
The price of diesel fell by another 8.08%, from $969.70 per metric tonne to $891.30 per metric tonne. LPG prices followed suit, falling 7.38% from $618.20 per metric tonne to $572.58 per metric tonne.
On December 1, 2022, the price of gasoline and diesel drops by 7% and 5.4%, respectively.
The price decreases seen during the first half of December 2022 reduced the national average price per litre of gasoline to 15.16 from 16.31, representing a 7.05% decrease over the period.
The national average price of diesel per litre fell from 19.86 to 18.78, a 5.44% decrease.