Fuel Prices To Reduce Drastically From January 1, 2023- Energy Analyst

Energy Analyst, Benjamin Nsiah has predicted that fuel prices are likely to be reduced by Sunday, January 1, 2023.

There has been a recent hike in fuel prices, including diesel and petrol. Diesel is currently selling for more than GH¢14, while the price of petrol is hovering around GH¢10.

The projection is based on the prices of gasoline and liquefied petroleum gas falling by 5.28% and 5.09%, respectively, and the cedi strengthening by 26.51% versus the US dollar in the second pricing window of December.

“Fuel prices are to decline further on 1st January 2023, petrol is to decline about 15% and diesel to decline about 8%,” he said.

Petrol is expected to decline by about 15% selling between Ghc9.30/L and Ghc11.38/L depending on the OMC

Diesel is expected to decline by about 8% selling between Ghc12.80/L and Ghc14.60/L depending on the OMC

OMCs like Zen, Star Oil, Allied Oil, Goodness, Alinko and JP Trustees are most likely to sell their Petrol at Single digits around Ghc9 per litre.

Local fuel market performance

The second pricing window of December 2022 saw international market price falls and the Ghana cedi’s appreciation against the US dollar reflecting on the domestic fuel market positively at all Oil Marketing Companies (OMC) outlets monitored by IES.

World oil market

International Crude oil benchmark Brent fell by 0.51% in price over the previous window’s average price of $81.90 per barrel to the present average price of $81.48 per barrel.


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