Fuel prices to reduce starting December 16, 2022 – IES projects

The Institute for Energy Security (IES) has predicted a reduction in the prices of petroleum products.

According to the IES, starting from Friday, December 16, 2022, Ghanaians should expect a fall in the prices of fuel.

They explained that the fall comes as a result of the appreciation of the Ghana cedi against the US dollar by a margin of 6.60%.

In October, the Institute for Energy Security (IES) projected a 12% increase in price for all major products at the pump.

It associated the upward review to the increases in price of the products on the international market, and the significant decline in the value of the local currency against the greenback.

However, in its latest projection, the IES said the new prices will fall to about ¢13 and ¢16 per litre for petrol and diesel, whilst Liquefied Petroleum Gas will go for about ¢12 per kilogram.

Reports suggest that some Oil Marketing Companies (OMCs) have begun reducing prices of petroleum products at the pumps.

“With the continued price falls recorded on the international market, consumers are set to see further price relief at the pumps. The Institute for Energy Security (IES) predicts that on the back of 9.02%, 8.08% and 7.38% fall in prices of Gasoline [petrol], Gasoil [diesel] and LPG respectively, the domestic OMCs outlets are set to reduce their prices further”, the IES explained as quoted by myjoyonline.com.