The cost of crude oil keeps falling. On Monday, the product is being exchanged at a price of roughly 87 dollars per barrel on the global market.Fuel prices in Ghana are projected to decrease at the pump in the following pricing window on December 1, 2022, provided that this progress continues and the Bank of Ghana is able to provide enough foreign currency for the BDCs at a favourable rate.

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After falling by more than $2 a barrel on Friday for a second consecutive weekly reduction, oil prices are still falling.This is a result of worries about weaker Chinese demand and additional hikes in U.S. interest rates.Brent crude is down by 0.72 percent and is being offered at 86 dollars 99 Cents a barrel having reached its lowest level since September at 85 dollars 80 Cents.

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Should this decline persist petroleum consumers would heave a sigh of relieve as prices could drop a little further.A strong Cedi could make this a reality. Currently, price of diesel has dropped from GH¢23.49 a litre to GH¢20.50 a litre. Petrol also reduced from GH¢17.99 to GH¢16.82 per litre.Liquified Petroleum Gas has not witnessed a decline on the international market and will increase in the next pricing window, December 1, 2022.

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