The Institute for Energy Security (IES) has projected that the Prices of fuel and other petroleum products are expected to fall significantly beginning this Friday, December 16, 2022.
IES forecasts that the 6.60 percent strengthening of the cedi against the US dollar will lead to significant price reductions.
Some OMCs, or Oil Marketing Companies, had already begun to lower pump prices for fuel and other petroleum products.
It was reported that the new costs for fuel and diesel will be around ¢13 and ¢16 per litre, respectively, and that the price of Liquefied Petroleum Gas will be around ¢12 per kilogram.
At the close of business on Tuesday, 13th December, 2022, the Bank of Ghana Accounts, $1 was buying at ¢10.3948 and selling at ¢10.4052 according to the average interbank rates used by commercial banks for transactions.
The strength of the Ghana Cedi, on the other hand is currently seen to be rapidly getting stronger against the US Dollar.
It was explained “With the continued price falls recorded on the international market, consumers are set to see further price relief at the pumps. The Institute for Energy Security (IES) predicts that on the back of 9.02%, 8.08% and 7.38% fall in prices of Gasoline [petrol], Gasoil [diesel] and LPG respectively, the domestic OMCs outlets are set to reduce their prices further”.
With this, all Ghanaians are happily waiting for the fuel prices to fall significantly so they can easily afford and transact with others this December festive season.
