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Petrol, diesel prices to drop to GHC9.50 and GHC11.60 shortly, says IES

Oil prices dipped on Thursday (29 December) as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer

Petrol is set to start selling at GHC9.50 a litre and diesel at GHC11.60 in the next few days, the Institute for Energy Security (IES) has predicted, forecasting a drop in prices of petroleum products.

This follows the 5.28% and 5.09% fall in the prices of petrol and liquefied petroleum gas (LPG), respectively, and the 26.51% appreciation of the cedi against the US dollar in the second pricing window of December 2022.

The IES has, therefore, predicted that the domestic oil marketing companies (OMCs) are set to reduce their prices significantly in the first week of 2023, with some selling petroleum products at prices below the GHC10 mark.

In a statement on Thursday (29 December), the IES said: “Despite the marginal rise in the price of gasoil on the international market, the Ghana cedi’s appreciation against the dollar will force prices down locally.

“Prices are set to reach GHC9.50 and GHC11.60 per litre for gasoline and gasoil, respectively, and GHC9 per kilogram for LPG in the coming days,” the statement said.

Read the full statement below:

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