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 steady 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.
Due to events on the global market, fuel costs have been steadily rising on the local market for a time now.
The national average fuel price per litre at the pumps is currently Gh11 for gasoline and Gh14 for oil, respectively.
Fuel costs on the local market rose by more than 4% for the most recent pricing window, which was the second pricing window of June. Gasoline and gasoline prices went up by 3 and 5 percent, respectively.