From April 1, 2023, fuel prices will drop between 2% and 9% for the third time in a row, with the biggest drop expected for liquefied petroleum gas (LPG).
The Institute for Energy Security says that the price of LPG will go down by about 9%, while the price of gasoline and diesel will go down between 2% and 5%.
The institute attributes the decrease to the stabilization of the cedi against the dollar and the decrease in finished product prices on the international market.
“Fuel consumers must expect another round of fuel price drops in the coming days. The imminent price drop is a reflection of happenings on the world fuel market over the past two weeks which shows decline in prices of gasoline [petrol], Liquefied Petroleum Gas and some other finished products”, Nana Amoasi VII, Executive Director of the Institute for Energy Security told Joy Business.
In addition, Nana Amoasi VII stated that LPG has experienced the greatest price reduction on the global market over the past two weeks. The commodity’s price dropped by about 15%, or a whopping $95 per metric tonne.
He came to the conclusion that Ghanaians should anticipate some relief from the high fuel prices that have been observed over the past six months, noting that “households that rely on LPG will be the most beneficiaries as the commodity may post a hefty drop in prices in the coming days”.