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.
Latest Stories
-
Haaland scores as Manchester City beat Nottingham Forest
37 mins -
Villas-Boas elected Porto president
41 mins -
Situation on frontline has worsened, Ukraine army chief says
48 mins -
US doctor describes witnessing starvation in northern Gaza
53 mins -
CAFCC: RS Berkane make final after USM Alger refused to play 2nd leg over Moroccans’ jersey
55 mins -
Elon Musk in China to discuss enabling full self driving
1 hour -
PSG clinch Ligue 1 title after Lyon’s win over Monaco
3 hours -
Guinness Ghana sets the pace at Ghana Beverage Awards with six awards
4 hours -
Burkina Faso suspends BBC, VOA radio broadcasts over killings coverage
4 hours -
Nicole Kidman honoured with AFI Life Achievement Award
4 hours -
Brassier scores winner for Brest as they edge Rennes to secure European football
4 hours -
Akufo-Addo jabs Ejisu independent candidate; rubbishes allegations to rig by-election
5 hours -
‘What are the real causes of the erratic power outages?’ GUTA asks ECG
5 hours -
Implementing ESG framework in Ghana’s energy sector for sustainability
5 hours -
CAFCC: Dreams FC exit competition after 0-3 defeat in Kumasi
5 hours