January to see further reduction of fuel prices

The Institute for Energy Security (IES) has predicted a reduction in fuel prices at the beginning of the year January 1, 2023. This is a result of an improvement in the value of the Ghana cedi to the dollar during the last two weeks and a slight reduction in the price of crude oil on the global market. The prediction is coming on the back of the 5.28% and 5.09% fall in the prices of petrol and Liquefied Petroleum Gas respectively and the 26.51% appreciation of the cedi against the US dollar in the second pricing window of December.

The Chamber of Petroleum Consumers (COPEC) also predicts that petrol and diesel prices would record a significant decline at the pumps from January. Their projection sees petrol selling at GHC 10.63 representing a 13.78 per cent drop whereas diesel would sell at GHC 12.85 representing a fall of 15.86 per cent.

This reduction will ease the burden on Ghanaians. Transport owners as well as commuters who have and continue to lament over the increase in petroleum products will now have some respite.