Petroleum product consumers can breathe a sigh of relief as the price of gasoline is predicted to decrease by roughly 4% per litre at various pumps across the nation in the first pricing window of July.
According to the Institute for Energy Security’s most recent analysis (IES).
This comes after previous windows saw a continuous increase in the cost of fuel at the pump.
According to a recent report by the Institute for Energy Security, the decrease can be ascribed to drops in gasoline prices of 3.20 percent, LPG prices of 15.71 percent, and the cedi’s exchange rate of 2.05 percent.
It mentions that the cost of gasoline is anticipated to drop by around 4%, to sell for less than Gh10.50 per litre, while the cost of liquefied petroleum gas (LPG) is anticipated to drop even more by about 4% from its current cost.
However, the 1.97 percent increase in gas prices on the global fuel market might either stabilize existing prices or result in a little price increase at the individual OMCs’ gas pumps.
Fuel prices for a while now have been increasing consistently on the local market due to developments on the international market.
Currently, the national average price of fuel per litre at the pumps is pegged at Gh¢11 and Gh¢14 for Gasoline and Gasoil respectively.
For the last pricing window, which was the second pricing window of June, prices of fuel on the local market increased by over 4%. The price of Gasoil and Gasoline increased by 5% and 3% respectively.
