The Institute of Energy Security (IES) has predicted a fall in the price of petroleum products effective December 1, 2022.

IES, in a statement, has projected that consumers of petroleum products will see a reduction of about 8 to 10 percent from Thursday.

The projection, made by the Institute of Energy Security (IES), will be the second consecutive period that will see consumers witness a reduction in the price of petrol and diesel products.

They, however, indicated that despite the estimated reduction, the price of Liquefied Petroleum Gas (LPG) will remain stable due to the depreciation of the local

currency against major trading currencies.

“Prices of the various finished products will be affected by the 13.45% fall in the price of gasoline [petrol], the 11.63% fall in the price of gas oil [diesel], and the

1.88% fall in the price of LPG. However, the 3.09% depreciation of the cedi against the US dollar is expected to erode portions of the gains from the reductions in international fuel prices.

The price of LPG is however expected to remain stable on account of the cedi’s depreciation,” the IES added.

The price of petroleum products has witnessed significant surges since the beginning of the year.

This has then resulted in a high cost of living, inflationary pressures, and rampant increases in transportation costs for commuters.