On April 1, 2023, fuel costs are predicted to drop between 2% to 9% for the third time in a row, with Liquefied Petroleum Gas (LPG) experiencing the most significant drop in recent memory.
LPG prices will drop by roughly 9%, while gasoline and diesel prices will fall by between 2% and 5%, according to the Institute for Energy Security (IES).
The institute attributes the decline to the stability of the cedi against the dollar and the lowering of finished goods prices on the global market.
Nana Amoasi VII, Executive Director of the Institute for Energy Security in a media engagement said, the price of gasoline on the global market saw a decline of $21 per metric tonne during the last 14 days.
He continued that gasoil has also decreased by around 3.6% from its prior price of $813 per metric tonne.
He said, “Consumers of petroleum should prepare for additional price reductions in the coming days. The upcoming price reduction is a result of events on the global fuel market over the previous two weeks, which included price drops for gasoline, liquefied petroleum gas, and some other finished products”.
Nana Amoasi VII indicated that LPG is the product that saw the highest price decline during the last two weeks on the global market and that the price of the good dropped dramatically by $95 per metric tonne or around 15%.
He expressed the hope that households relying on LPG will be the biggest benefactors as the commodity may post a hefty cost decline in the coming days.
He came to the conclusion that Ghanaians should expect some relief from the high fuel prices recorded in the previous six months.