For the first time in 12 months, petrol is likely to sell at a single digit rate at the local pumps in the first week of January 2023, some market analysts have projected.
The Institute for Energy Security (IES) is projecting that the price of petrol would drop significantly to about GHS9.50 per litre, from the current national average of GHS12.68.
Diesel is also expected to drop significantly to about GHS11.60 from the current national average of GHS15.55.
In the first week of January 2022, petrol and diesel were selling at a national average of GHS 6.7 and GHS 6.9 per litre respectively.
Mr Fritz Moses, Research Analyst, IES, told the GNA that the price of Liquefied Petroleum Gas (LPG) was expected to drop to GHS9 per kilogram from January 1, 2023.
He said the downward decline in fuel prices experienced in the last few weeks would be sustained so long as prices of petroleum products on the international market plummeted and the Cedi strengthened against the Dollar.
“Despite the marginal rise in the price of Gasoil on the international market, the Ghana Cedi’s appreciation against the Dollar (26.51 per cent) will force prices down locally.
“Prices are set to reach GHS9.50p and GHS11.60p per litre for Gasoline and Gasoil respectively, and GHS9 per kilogram for LPG in the coming days,” Mr Moses said.
The Chamber of Petroleum Consumers (COPEC) also projected that prices of petrol and diesel would record significant decline at the pumps from January 1, 2023.
The Chamber projected that petrol would sell at GHS GHS10.63, representing 13.78 per cent drop, while diesel would sell at GHS GHS12.85, representing a decline of 15.86 per cent.
“With the international price decreasing from $573.43/MT to $544.23/MT (-5.09 per cent) the projected retail price of LPG is expected to decrease by about 25.16 per cent from the current average of 13.63/kg to GHS10.20/kg,” the Chamber projected.
Latest Stories
-
Road Safety Authority seeks legal backing to regulate okada operations amid rising accidents
3 minutes -
Interim Ghana Boxing Authority board meets NSA ahead of extraordinary congress
17 minutes -
Implementation of GH₵1 fuel levy pushes prices of petroleum products up
21 minutes -
NSMQ 2025: Ghana SHS reinstated into North East qualifiers after Sakogu withdrawal
24 minutes -
Interior Minister charges new Fire Service Council to drive legal and operational reforms
34 minutes -
KNUST and the Death of Applied Knowledge: A National Embarrassment in Full View
46 minutes -
Bawku conflict: GLOSARGG presents eight-point roadmap to peace
60 minutes -
London Mayor Sadiq Khan to address innovation and education at University of Ghana today
1 hour -
Ghana’s housing sector: 90% of houses built by individuals, land access must be improved – ISSER
1 hour -
Fuel prices up: Petrol going for GH₵12.88, diesel GH₵14.88 a litre
1 hour -
Witchcraft accusation turns deadly: 4 arrested over killing of 70-year-old in Sangbana
2 hours -
Teenager reports family to DOVVSU over limited meals, pocket money
2 hours -
Bond market: Trading activity GH¢2.12bn, highest since 2023
2 hours -
Importers and Exporters Association applauds appointment of women to GMA board
2 hours -
BoG working on new framework to enable SMEs unlock short-term capital – Second Deputy BoG Governor
2 hours