The Institute of Energy Security (IES) has projected the prices of petroleum products to fall significantly beginning this Friday, December 16, 2022,
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 at the pumps.
“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.
