IES predicts fuel prices to fall between 3% and 10% from March 16

According to the IES, their projection is due to a decline in the activities of price indicators in the last two weeks.

The IES in a statement opined that Ghanaians should expect a fall in the prices of all three key petroleum products, i.e, Liquefied Petroleum Gas (LPG), petrol and diesel.

“...the last two weeks has seen price indicators on both the domestic and international fronts falling and this can translate into some price reductions at the pumps for various petroleum products,” the IES stated.

Prices for petrol, diesel and LPG are projected to fall between ¢12.60, ¢13.40 and ¢14 per Kilogramme respectively.

Meanwhile, the international crude oil benchmark Brent fell to about $83.87 from about $84.14 per barrel over the last two weeks. This represented a marginal drop in the average prices in the window under review.

The commodity which traded at about $86 per barrel in the mid of the window declined to as low as $79 per barrel at the start of Tuesday March 14, 2023.

Fuel market performance

The first pricing-window for March 2023 offered some respite to petroleum product consumers on the domestic market.

Prices of petrol and diesel drop significantly, allowing domestic consumers to enjoy some relief.

The IES monitoring of various Oil Marketing Companies (OMCs) for the pricing-window under review found the national average price for petrol and diesel as ¢13.53 and ¢13.69.

The national average price of LPG, however, sold for ¢15.44 per kilogramme.