Fuel price to reduce drastically by next week- NewsNowGh predicts

December 28th, 2022 at 05:30 pm

Fuel price to reduce drastically by next week- NewsNowGh predicts

NewsNowGh has been on grounds with respect to the changes in the prices of fuel. The indicators have been well studied and we can conclude that prices of fuel will go down by next week. There is a fall in price of crude in the international market. Fuel prices remain  volatile. There is no doubt that the forex is also relatively stable. These have impacts.

The Chamber of Petroleum Consumers (COPEC) has also announced that fuel prices are likely to be reduced by the first week of January 2023.  That is the first window for fuel pricing in Ghana.

CURRENT PRICES OF FUEL

There has been a major reduction in fuel prices before the Christmas, both diesel and petrol. Diesel is currently selling for more than GH¢15.85, while the price of petrol is hovering around GH¢13.40 a litre.

NEW PRICES OF FUEL TO EXPECT

Executive Secretary of the Chamber, Mr. Duncan Amoah, indicated to NewsNowGh that measures are being put in place to help subsidise the rising prices.

“The OPEC block is also forecasting that in 2023 you are likely to see uh a stage in demand and what demand uh numbers increase and would mean to price them uh would simply be to see uh prices go up a bit so it’s quite a mixed bag as of today but if you are a Ghanaian the most immediate announcement that we can put exclusively here is that its likely you are going to pay a bit less for fuel the first week of January which is the first window for pricing in Ghana per what we see with international market price development and then again the forex the cedis are relatively stable to good performance its quite certain that you are going to see averages for petrol around 10.6 while diesel is likely to trade averagely around 13gh per litre in the first week in January and this probably would be because of international market price movement which like I indicated that same crude dropped to about $84 region as we speak while the price for finished product if you go to the plus platform have also seen some sharp decline. If you put them together its likely going to be about 10 to 12 percent further cut in the current pump price levels for most Ghanaians and that for us is a good news. 2023 forecast its quite mixed but the good thing is that if you are in Ghana now just like your counterpart in the United State per their energy international administration they are going to likely see their pump prices also decline from the $3.91 a gallon to about $3.5 and that for them is good and I’m certain that for Ghanaians as well the most immediate impact that we are likely to have will be to see pump prices decline further within the next few days like I indicated ,” he stated.

By implication, a gallon of Petrol will be selling at a maximum of GH¢47 from the current GH¢60. Diesel will also be selling at a maximum of GH¢58 from the current GH¢71.

As to whether this will be stable throughout January, our next check will confirm that.

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