For the third consecutive month, fuel costs will decrease between 2 and 9 percent, with Liquefied Petroleum Gas (LPG) likely to experience the largest decrease in recent memory.
According to the Institute for Energy Security, LPG prices will drop by roughly 9%, while those for petrol and diesel would fall by between 2% and 5%.
The institute ascribed the anticipated decline to the cedi’s stability against the dollar and the softening of finished goods prices on the global market.
“In the upcoming days, fuel users may anticipate further fuel price reductions. The upcoming price reduction is a result of events that have occurred on the global petroleum market over the previous two weeks, which shows decline in prices of 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 Petrol on the world market posted a drop of $21 per metric tonne. Diesel also dropped by roughly 3.6 per cent from the previous price of $813 per metric tonne”, he added.
Nana Amoasi VII said, “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 per cent drop”.