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Petrol price expected to drop to single digit by Monday

Petrol price is likely to reduce to a single digit rate at the local pumps in the first week of January 2023.

It will be the first time in 12 months, it will reduce to that rate.

The Institute for Energy Security (IES) has projected that the price of petrol would drop significantly to about GHS9.50 per litre, from the current national average of GHS12.68.

Diesel is also expected to drop significantly to about GHS11.60 from the current national average of GHS15.55.

Fritz Moses, a Research Analyst at IES, told the GNA that the price of Liquefied Petroleum Gas (LPG) was also expected to drop to GHS9 per kilogram from January 1, 2023.

He said the downward decline in fuel prices experienced in the last few weeks would be sustained so long as prices of petroleum products on the international market plummeted and the Cedi strengthened against the Dollar.

In the first week of January 2022, petrol and diesel were selling at a national average of GHS 6.7 and GHS 6.9 per litre respectively.

 

Source: Myxyzonline.com

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