Starting April 1, 2023, fuel prices are expected to decrease for the third consecutive time, with Liquefied Petroleum Gas (LPG) experiencing its most significant reduction in recent history, estimated to decrease by approximately 9%. Petrol and diesel, on the other hand, are anticipated to witness a drop ranging from 2% to 5%.
The Institute for Energy Security attributes the price reduction to the stability of the cedi against the dollar and the reduction in the prices of finished products in the global market.
The Executive Director of the Institute for Energy Security, Nana Amoasi VII, informed Joy Business that fuel consumers should expect further reductions in the coming days, as gasoline (petrol), Liquefied Petroleum Gas, and other finished products have seen a decline in prices over the past two weeks.
In the last 14 days, the price of gasoline (petrol) on the global market dropped by $21 per metric tonne, while gasoil (diesel) fell by around 3.6% from the prior price of $813 per metric tonne.
According to Nana Amoasi VII, the price of LPG on the world market has experienced a significant decline over the past two weeks. The product has undergone a remarkable drop of about $95 per metric tonne, equivalent to a 15% reduction in price.
As a result, Ghanaians can expect some relief from the high fuel prices that have persisted over the past six months. Nana Amoasi VII also pointed out that households that depend on LPG will benefit the most from this price drop, and they may experience a significant reduction in prices in the upcoming days.
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