Fuel prices will continue to drop — Energy Policy Analyst

By Jacob Agyenim Boateng || Contributor
Business & Finance Fuel prices will continue to drop — Energy Policy Analyst

Energy Policy Analyst, Mr Ben Nsiah has explained the continuous reduction of prices in petroleum products in Ghana in recent times.

According to him, reduction of the prices was inevitable following a drop in the prices of petroleum products on the international market.

He noted that, the price of diesel which stood at $1,315 per metric as of July 2022 is being sold at a little over $800 on the international market.

He maintained that petrol is currently being sold at $7,77 per metric compared to its price of $1, 200 in July last year

According to him, petroleum products have seen over 100 per cent reduction in prices on the international market leading to a drop in prices at the local pumps.

He was speaking on the Kumasi based OTEC 102.9 FM's morning show Nyansapo on Thursday March 30, 2023.

Consumers of petroleum products are expected to witness a significant drop in prices from April 1, 2023.

According to the Institute for Energy Security, fuel prices will likely drop between 2 percent and 9 percent. Liquefied Petroleum Gas (LPG), which is key for many households, will also experience a drop in prices.

Mr Ben Nsiah however said he will not be surprised if the prices go down beyond the projected 2 per cent because of the current strength of the local currency.