Starting tomorrow, March 16, 2023, the Institute for Energy Security (IES) forecasts a 3% to 10% drop in fuel prices.
The IES claims that their projection is grounded in a decrease in price indicator activity over the previous two weeks.
In a statement, the IES stated that Ghanaians should anticipate a decrease in the cost of all three major petroleum products, namely gasoline, diesel, and liquefied petroleum gas (LPG).
“…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 IES stated.
Prices for gasoline, diesel, and LPG are anticipated to decrease by between $12.60 and $14 per kilogram.
The international benchmark price of crude oil, Brent, dropped from about $84.14 per barrel over the previous two weeks to about $83.87 per barrel today. This resulted in a slight decrease in the window under review’s average prices.
The commodity, which had a mid-window price of about $86 per barrel, fell as low as $79 per barrel at the start of Tuesday, March 14, 2023.
Fuel market performance
Consumers of petroleum products on the domestic market received some relief with the first pricing window scheduled for March 2023.
Significant drops in the cost of gasoline and diesel relieve domestic consumers’ financial burdens.
The national average price for gasoline and diesel was found to be 13.53 and 13.69 according to the IES monitoring of various Oil Marketing Companies (OMCs) for the pricing window under review.
However, LPG sold for an average national price of 15.44 per kilogram.
