Beginning January 1, 2023, the costs of petroleum goods will drop significantly, according to the Institute for Energy Security.

They place the blame for the decrease on the cedi's recent stability as well as the 5.28% and 5.09% drops in the price of gasoline and liquefied petroleum gas, respectively.

"The Ghana cedi's advance versus the dollar will drive prices down locally, notwithstanding a little increase in gasoil (diesel) costs on the global market.

“Prices are, therefore, set to reach ¢9.50 and ¢11.60 per litre for gasoline [petrol] and gasoil [diesel] respectively, and ¢9 per kilogram for LPG in the coming days,” the Institute stated.

Fuel prices began reducing from the second pricing window of December 2022.

This was also attributed to the cedi’s appreciation against the dollar.

Fuel was selling at a national average price of ¢12.68 from ¢15.16 for a litre of fuel, representing a 16.36% reduction over the period.

Diesel was also pegged at a national average price per litre moved from¢18.78 from ¢15.55; falling by roughly 17.20%.

On the international market, Brent fell by 0.51% over the previous window’s average price of $81.90 per barrel to the present average price of $81.48 per barrel.