Prices of petrol and diesel are expected to go down between 10% and 8% from Thursday, December 1, 2022, the Institute for Energy Security has projected.

The price of Liquefied Petroleum Gas (LPG), however, is expected to remain stable on account of the cedi’s depreciation.

This will be the second consecutive period that prices of petrol and diesel will be going down.

“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 gasoil [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”.

World Oil Market

On the international market, Brent crude saw a 6.31% decrease in price over the previous window’s average price of $95.11 per barrel to the present average price of $89.11 per barrel.

As fresh worries surrounding China roiled global markets on Monday [November 28, 2022], oil prices fell to their lowest levels in 11 months.

Presently, crude oil is hovering around $86 per barrel.

Diesel prices went down significantly

During the last price review, petrol sold at ¢16.31 per litre, from 17.62, representing a 7.43% reduction over the period.

Diesel also fell by roughly 13.91% to ¢19.86, from ¢23.07.