In the first pricing window in April, the Institute for Energy Security (IES) predicts a 2% to 5% decline in gasoline costs.
Liquefied petroleum gas will benefit the most, IES predicts, with a 9% price drop.
According to Citi News, IES Research Analyst Adam Yakubu noted that this development was brought on by the decline in the price of crude oil on the global market as well as the stability of the cedi versus other important trading currencies like the US dollar.
“After the window was closed, LPG prices have dropped by the most. What does this mean for domestic petroleum product consumers? It indicates that a minor decline of between 2 and 5 percent across the market is to be expected. LPG has a nine percent reduction capacity. So, we anticipate a decrease in these products’ pricing during the following two weeks,” he stated.
Industry insiders anticipated that retail petrol prices in March would fall by 3.73% from their mean value of GHS14.20/L at the time.
With the International price decreasing from $854.00/MT to $809.38/MT (-5.22%), and the increase in the Dollar rate, the expected mean retail price for the next window was said to be GHS13.98/L.
