On April 1, 2023, prices for gasoline, diesel, and other petroleum products are expected to fall significantly. The Institute for Energy Security thinks that fuel prices will go down by between 2% and 9%.
According to the Institute for Energy Security (IES), the price of petrol and diesel would fall between 2 and 5 percent, while the price of LPG would fall around 9 percent.
The IES claims that the falling prices may be linked to the relative stability of the cedi against the U.S. dollar as well as the decline in prices for finished goods on the worldwide market.
Executive Director of IES, Nana Amoas said:
“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.
“In the last 14 days, the price of gasoline [petrol on the world market posted a drop of $21 per metric tonne. Gasoline [diesel] also dropped by roughly 3.6% from the previous price of $813 per metric tonne.
“Households that rely on LPG will be the most beneficiaries as the commodity may post a hefty drop in prices in the coming days.” he added.
The government has however made claims that the recent decline in gasoline costs might be due to the Gold-for-Oil policy, which was implemented at the beginning of the year.
Source – Tru News Report
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