Fuel Price: Petrol And Diesel Price To Reduce From December 16 But Transport Fares Won't Change

• More good news for Ghana's troubled economy as IES predicts that fuel prices will fall for a third consecutive time on Friday, December 16, 2022
• The energy think tank has said fuel prices will fall significantly because of the cedi's massive gains against the dollar
• In less than three weeks, the Ghana cedi has appreciated by 6% against the United States dollar and other trading currencies

An influential local think tank that monitors happenings in the petroleum sector has predicted that fuel prices will drop significantly from Friday, December 16, 2022.

The Institute of Energy Security (IES) has predicted that the first pricing window in December 2022 will see reductions in the price of petrol, diesel and liquefied petroleum gas due to 6% appreciation of the cedi against the dollar.

IES says petrol prices could reduce up to about GH¢13 per litre, diesel to about GH¢16, while LPG sells for about GH¢12 per kilogram.

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“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”, a Joy News report quoted IES.

Petrol currently hovers around GH¢15.41 per litre, while diesel sells for GH¢18.86 at the pumps.

The anticipated reduction would third of such significant reductions in three pricing windows between November and December 16.

GPRTU Says It Will Only Reduce Fares If Fuel Gets To GH¢10 Per Litre

However, the reduction on Friday is not expected to trigger a reduction in transport fares. Transport fares have risen by at least 40% since fuel prices started going up.

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YEN.com.gh has reported in a previous story that the Ghana Private Road and Transport Union (GPRTU) has explained its drivers will not reduce fares anytime soon.

Public Relations Officer of the GPRTU told the media that the union will only reduce fares if fuel gets to GH¢10 per litre.

Their explanation comes on the back of agitations by a section of the public calling for fares to be slashed after fuel prices went down for the second time on December 1, 2022.

Source: YEN.com.gh