Fuel prices will fall between 2 per cent and 9 per cent for the third consecutive time from next month, with Liquefied Petroleum Gas (LPG) expected to witness its biggest decline in recent times.
According to the Institute for Energy Security, LPG would go down by about 9 per cent, while petrol and diesel will witness between 2 per cent and 5 per cent drop.
The institute attributed the expected drop to the stability of the cedi to the dollar, and the easing of prices of finished products on the world market.
“Fuel consumers must expect another round of fuel price drops in the coming days. The imminent price drop is a reflection of happenings on the world fuel market over the past two weeks, which shows decline in prices of Petrol, Liquefied Petroleum Gas and some other finished products,”
Nana Amoasi VII, Executive Director of the Institute for Energy Security, told Joy Business.
“In the last 14 days, the price of Petrol on the world market posted a drop of $21 per metric tonne. Diesel also dropped by roughly 3.6 per cent from the previous price of $813 per metric tonne”, he added.
Nana Amoasi VII said, “LPG is the product that posted the biggest drop in price over the last two weeks on the world market. The commodity’s price fell by a whopping $95 per metric tonne, about 15 per cent drop”.
