Fuel prices to reduce significantly from 1st January, 2023

Prices of petroleum products will decrease significantly from Sunday 1st January, 2023 as predicted by Institute for Energy Security (IES).

This reduction is associated with the appreciation of the Ghanaian Cedi against the American Dollar and a marginal reduction in crude oil prices in the world market.

The prediction is based on the 5.28% and 5.09% decrease in the prices of petrol and liquefied Petroleum gas respectively and the 26.1% appreciation of the Cedi against the US dollar in the second pricing window of December.

“ Despite the marginal rise in the price of gasoil (diesel )on the international market, the Ghanaian Cedi’s appreciation against the dollar will force prices down locally “, it stipulated.

The institute said “ Prices are, therefore, set to reach 9.5 and 11.6 per liter for gasoline (petrol) and gasoil (diesel) respectively and 9 per kilogram for LPG in the coming days “

This reduction will cushion Ghanaians and possibly call for a reduction in transport fares.