Fuel prices to go down from January 1, 2023

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The Institute for Energy Security (IES) has predicted that the prices of petroleum products will significantly go down beginning this Sunday, January 1, 2023.

This follows an improvement in the value of the Ghana cedi to the dollar during the last two weeks and a slight reduction in the price of crude oil on the world market.

The prediction is coming on the back of the 5.28% and 5.09% fall in the prices of petrol and Liquefied Petroleum Gas respectively and the 26.51% appreciation of the cedi against the US dollar in the second pricing window of December.

“Despite the marginal rise in the price of gasoil [diesel] on the international market, the Ghana cedi’s appreciation against the dollar will force prices down locally,” it said.

“Prices are, therefore, set to reach ¢9.50 and ¢11.60 per litre for gasoline [petrol] and gasoil [diesel] respectively, and ¢9 per kilogram for LPG in the coming days,” the Institute stated.

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Local fuel market performance

The second pricing window of December 2022 saw international market price falls and the Ghana cedi’s appreciation against the US dollar reflecting on the domestic fuel market positively at all Oil Marketing Companies (OMC) outlets monitored by IES.

The price reductions seen over the pricing window peg the national average price per litre of petrol at ¢12.68 from ¢15.16, representing a 16.36% reduction over the period. Diesel national average price per litre moved from¢18.78 to ¢15.55; falling by roughly 17.20%.

World oil market

International crude oil benchmark Brent fell by 0.51% in price over the previous window’s average price of $81.90 per barrel to the present average price of $81.48 per barrel.

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