Fuel prices to see significant reduction this week

Fuel prices to see significant reduction this week

Motorists and Ghanaians in general are set for some respite with fuel prices expected to be reduced this week.

Accra-based Joy FM reports that industry data and calculations indicate that the price of petroleum products will soon witness some reduction.

This comes after the cedi also appreciated by 20 pesewes following the currency’s drastic depreciation against the US dollar last month.

READ ALSO: Cedi begins appreciating against the dollar

The price of fuel products is generally expected to go down by at least 9% in the coming days.

As of last week Monday, a litre of petrol was being sold at GH¢5.21 at the various filling stations.

The pricing was in line with predictions by the Institute of Energy Securities (IES) over the weekend that fuel prices would be increased by 4 percent to a litre based on its research on October 15 pricing window.

But according to the latest projections, Petrol is expected to be reduced by a little over 3%.

Meanwhile, Diesel is also expected to be reduced by almost 2% per litre, with a 9 per cent per kilogram reduction expected for LPG.

This means a gallon of diesel will now be sold at 23 cedis 13 pesewas and petrol for 22 cedis 68 pesewas.

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It is, however, unknown whether the Oil Marketing Companies in the country will reduce the prices by these same margins.

The good news, though, is that lorry fares are not expected to be reviewed despite drivers pushing for an adjustment.

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Source: YEN.com.gh

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