On April 1, 2023, fuel prices will drop between 2% and 9% for the third time in a row, with Liquefied Petroleum Gas (LPG) projected to experience the greatest drop in recent times.
The Institute for Energy Security predicts that the price of LPG would decrease by roughly 9%, while the price of petrol and diesel will fall by between 2% and 5%.
The institute attributes the decline to the cedi’s stability against the dollar and the lowering of finished goods prices on the global market.
“Fuel consumers must expect another round of fuel price drops in the coming days. The imminent price drop is a reflection of happenings on the world fuel market over the past two weeks which shows decline in prices of gasoline [petrol], Liquefied Petroleum Gas and some other finished products”, Nana Amoasi VII, Executive Director of the Institute for Energy Security told the media.
“In the last 14 days, the price of gasoline [petrol] on the world market posted a drop of $21 per metric tonne. Gasoil [diesel] also dropped by roughly 3.6% from the previous price of $813 per metric tonne”, he added.
Nana Amoasi VII furthered that LPG is the product that posted the biggest drop in price over the last two weeks on the world market. The commodity’s price fell by a whopping $95 per metric tonne, about 15% drop.
He concluded that Ghanaians should expect some relieve from the high fuel prices recorded in the past six months, noting “households that rely on LPG will be the most beneficiaries as the commodity may post a hefty drop in prices in the coming days”.