Significant Reduction in Petrol and Diesel Prices Expected in 1st Week of 2023

Petrol and diesel prices are set to sell at GH¢9.50 and GH¢11.60 respectively in the coming days, the Institute of Energy Security (IES) has predicted.

This comes on the back of the 5.28% and 5.09% fall in the prices of Gasoline and LPG respectively and the 26.51% appreciation of the cedi against the US dollar in the second pricing window of December 2022.

The Institute for Energy Security (IES) has, therefore, predicted that the domestic Oil Marketing Companies (OMCs) are set to reduce their prices significantly in the first week of 2023, with some selling at single digits.

In a statement on Thursday (29 December), the IES said: “Despite the marginal rise in the price of Gasoil on the international market, the Ghana Cedi’s appreciation against the dollar will force prices down locally.”

“Prices are set to reach GHC9.50 and GHC11.60 per litre for Gasoline and Gasoil respectively, and GHC9 per kilogram for LPG in the coming days,” the statement said