The Institute for Energy Security forecasts that the cost of gasoline and diesel will decrease between 10% and 8% starting on Thursday, December 1, 2022.
On account of the depreciation of the cedi, the price of liquefied petroleum gas (LPG) is anticipated to remain stable.
Prices for gasoline and diesel will be declining for the second consecutive time period.
“Prices of the various finished products will be affected by the 13.45% fall in the price of gasoline [petrol], the 11.63% fall in the price of gasoil [diesel], and the 1.88% fall in the price of LPG.
However, the 3.09% depreciation of the cedi against the US dollar is expected to erode portions of the gains from the reductions in international fuel prices. The price of LPG is however expected to remain stable on account of the cedi’s depreciation”.
Brent crude’s price on the global market fell by 6.31% from the average price of $95.11 per barrel during the previous window to the average price of $89.11 at the moment.
On Monday [November 28, 2022], new concerns about China shook the world’s markets and oil prices dropped to their lowest levels in 11 months.
Currently, the price of crude oil per barrel is around $86. The cost of diesel decreased significantly.
Petrol sold for 16.31 per litre during the most recent price review, down from 17.62, a 7.43% decrease in that time.
