Fuel Prices: Petrol, Diesel To Be Reduced By 10% For Second Consecutive Period

Fuel Prices: Petrol, Diesel To Be Reduced By 10% For Second Consecutive Period

  • The Institute for Energy Security (IES) has projected that the prices of petrol and diesel will be reduced further
  • IES says for the second consecutive pricing window, petroleum products will see a reduction of 10%
  • Oil prices on the world market have fallen to their lowest levels in 11 months, with crude oil presently hovering around $86 per barrel

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Prices of petroleum products are expected to be reduced by some 10% in the next pricing window.

This is according to projections by the Institute of Energy Security (IES) which says prices of petrol and diesel will go down between 10% and 8% from Thursday, December 1, 2022.

Fuel prices in Ghana are set to be reduced by 10% for the second consecutive period
A smiling taxi driver in Ghana, someone filling the tank at a fuel station Image Credit: @yesmeen.tetteh.9
Source: Facebook

Petroleum Prices To Be Reviewed Downwards; LPG To Remain Stable - IES

The energy think-tank also added that the price of Liquefied Petroleum Gas (LPG) would remain stable due to the current cedi’s depreciation.

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This will be the second consecutive period that prices of petrol and diesel will go down.

On the international market, despite global developments, oil prices have fallen to their lowest levels in 11 months.

Crude oil is presently hovering around the $86 per barrel mark.

Fuel Prices: Petrol And Diesel Prices To Decline On November 16 But LPG To Go Up

Earlier, YEN.com.gh reported that during the last price review, petrol sold at ¢16.31 per litre, from 17.62, representing a 7.43% reduction over the period. Diesel also fell by roughly 13.91% to ¢19.86, from ¢23.07.

In a statement, Duncan Amoah of the Chamber of Petroleum Consumers Ghana (COPEC-GH) said pump prices of petrol and diesel would fall significantly during the next pricing window on Wednesday, November 16, 2022.

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However, he said only Liquefied Petroleum Gas (LPG) did not record a price reduction.

Fuel Prices: COPEC Announces Reduction In Petrol, Diesel Products From Next Week

Meanwhile, YEN.com.gh published the story of COPEC's earlier projection that petroleum product prices are expected to decrease from next week.

According to them, those reductions were expected to take effect from Monday, November 14, 2022.

Speaking to Accra-based Joy Prime, the Executive Secretary of COPEC, Duncan Amoah, said measures are being implemented by authorities to help subsidise the rising fuel price increments.

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Source: YEN.com.gh

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