Fuel Price: Reduction Predicted For Petrol, Diesel And LPG For Ghanaian Consumers from April 1

Fuel Price: Reduction Predicted For Petrol, Diesel And LPG For Ghanaian Consumers from April 1

  • The fuel pricing situation for April 2023, looks good as experts predict reductions across board
  • IES, a petroleum think tank, has said the price of petrol, diesel and LPG will experience significant price reduction from April 1
  • LPG will see the biggest price fall of approximately 10% as the experts explain that the fuel price reductions have been caused by dynamics in the global petroleum market

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According to experts in the downstream petroleum sector, fuel prices will see a general reduction in the next pricing window on April 1 to 16, 2023.

Petrol and diesel have been forecasted to see a reduction in prices between 2% and 5%, while Liquified Petroleum Gas (LPG) will record the biggest reduction of approximately 10%.

For petrol and diesel, this would be the fourth consecutive price fall, while the projected fall in the price of LPG will represent the first since the start of the year.

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Fuel prices are projected to fall significantly in April.
L-R: A hand counts Ghana cedi notes and a fuel pump inserted into the tank of a car. Source: Getty Images.
Source: Getty Images

Avid petroleum industry watcher, Institute for Energy Security (IES) has explained that the reduction has been driven mainly by external factors.

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Executive director of IES Nana Amoasi VII has said that the price of petrol and diesel on the world market over the last 14 days will be a major driver of the price reduction in Ghana.

"Gasoil [diesel] also dropped by roughly 3.6% from the previous price of $813 per metric tonne”, he said.

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For LPG, Nana Amoasi VII explained that the projected big price fall reflects a similar event on the world market.

He said on the world market, LPG saw the biggest drop in price over the last two weeks. It has recorded a whopping 15% price reduction on the world market over the previous 14 days.

COPEC cautions against expectations for free fall in petrol and diesel prices

Meanwhile, YEN.com.gh reported in a separate story last month that COPEC-GH predicted more reductions in fuel prices in the coming days.

COPEC-GH predicted in early March that prices of petrol and diesel will be reduced between 3% and 4%, respectively within the pricing window.

That prediction followed a decline in petroleum prices on the world market coupled with the introduction of the gold-for-oil deal.

But speaking exclusively to YEN.com.gh, Duncan Amoah said the products will not witness a free fall for the rest of the year.

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Source: YEN.com.gh

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