The prices of petrol and diesel are expected to drop significantly between 3% and 10% at the pumps, from Thursday March 16, the Institute for Energy Security (IES) has said.
A statement issued by the IES on said petrol prices will fall to GHC12.60 while diesel will reduce to GHC13.40 per litre.
LPG prices are also expected to decline to GHC14 per kilogramme.
“On the back of the falling international liquid fuel prices as observed on the global S&P Platts platform, and the local currency’s improved (poor – delete) performance against the U.S. dollar, the Institute for Energy Security (IES) estimates a further drop in the prices of gasoil, gasoline and LPG respectively. Prices are set to fall between 3% and 10% at the pumps following a decline the activities of price indicators in the last 2 weeks.
“The last two weeks has seen price indicators on both the domestic and international fronts falling and this can translate into some price reductions at the pumps for various petroleum products. The domestic fuel market prices are projected to fall between GHC12.60 for gasoline, GHC13.40 for gas oil and LPG GHC14 per kilogramme,” the IES statement said.
IES said its projections are on the back of the falling international liquid fuel prices as observed on the global S&P Platts platform, and the local currency’s improved performance against the U.S. Dollar.
Meanwhile, the IES said it did not factor the gold for oil consignment into its latest projection because of lack of information.
World oil market
The international crude oil benchmark Brent fell to about $83.87 from about $84.14 per barrel over the last two weeks. This represented a marginal drop in the average prices in the window under review.
The commodity which traded at about $86 per barrel in the mid of the window declined to as low as $79 per barrel at the start of Tuesday March 14, 2023.
Fuel market performance
The first pricing-window for March 2023 offered some respite to petroleum product consumers on the domestic market.
Prices of petrol and diesel drop significantly, allowing domestic consumers to enjoy some relief.
The IES monitoring of various Oil Marketing Companies (OMCs) for the pricing-window under review found the national average price for petrol and diesel as ¢13.53 and ¢13.69.
The national average price of LPG, however, sold for ¢15.44 per kilogramme.