Petrol, diesel prices to go down by 10% – IES

Petrol, diesel prices to go down by 10% – IES

As of Thursday, December 1, 2022, the Institute for Energy Security (IES) forecasts that the cost of gasoline and diesel will decrease by 10% to 8%.

On the other hand, because of the depreciation of the cedi, it is anticipated that the price of liquefied petroleum gas (LPG) will remain stable.

The cost of gasoline and diesel will be declining for the second time in a row.

“The 13.45% drop in the price of gasoline (petrol), the 11.63% drop in the price of gasoil (diesel), and the 1.88% drop in the price of LPG will have an impact on the prices of the various finished products.

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The gains from the decreases in international fuel costs are projected to be partially offset by the 3.09 percent depreciation of the cedi versus the US dollar, though.

However, because to the depreciation of the cedi, it is anticipated that the price of LPG would stay unchanged.

Brent crude’s price on the global market dropped from an average of US$95.11 per barrel during the previous window to an average of US$89.11 per barrel at the moment.

On Monday (November 28), new concerns about China shook the world’s markets, as oil prices dropped to their lowest points in 11 months.

Currently, the price of crude oil per barrel is around US$86.

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