GOOD NEWS: Fuel prices to be reduced from this date

GOOD NEWS: Fuel prices to be reduced from this date

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Fuel prices will fall between 2% and 9% for the third consecutive time from April 1, 2023 with Liquefied Petroleum Gas (LPG) expected to witness its biggest decline in recent times.

According to the Institute for Energy Security, LPG will go down by about 9%, whilst petrol and diesel will witness between 2% and 5% drop.

The institute is attributing the drop to the stability of the cedi to the dollar and the easing of prices of finished products on the world 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 the last 14 days, the price of gasoline [petrol] on the world market posted a drop of $21 per metric tonne. Gasoil [diesel] also dropped by roughly 3.6% from the previous price of $813 per metric tonne”, he added.

Nana Amoasi VII furthered that LPG is the product that posted the biggest drop in price over the last two weeks on the world market. The commodity’s price fell by a whopping $95 per metric tonne, about 15% drop.

He concluded that Ghanaians should expect some relieve from the high fuel prices recorded in the past six months, noting “households that rely on LPG will be the most beneficiaries as the commodity may post a hefty drop in prices in the coming days”.

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