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Fuel prices to reduce further from next week

Dec. 14, 2018, 9:51 a.m.

Joy Business is forecasting that petroleum prices will witness another significant reduction from next week.

Based on our calculations, petrol would go down by almost 4.84 percent per litre, while, diesel should be reduced by 5.37 per cent.

LPG may go down by 4 .61 percent per kilogram.

Why the reduction?

We understand the reduction will be influenced a fairly stable Ghana cedi as well as a favourable outlook and what some are describing at “over” supply of crude oil on the international market - which has an impact on the price of petroleum products.

Some industry watchers are also saying, OPEC’s indecision and a heavy backwardation in the market will drive down prices further.

The expected reduction possibly from next week is in line with the bi-weekly review in prices of petroleum products.

A trend analysis of prices show that over the past three months the amount paid for fuel has witnessed some significant reduction. 

How the reduction could affect you

Based Joy Business’ calculations, a gallon petrol and diesel would go for 21.24 pesewas, this should represent a 1 cedi 2 pesewas. 

So based on this new prices , if you were spending, about 112.05 Ghana cedis for five working days you have made savings of 6 cedis with your new budget of 106.02 Ghana cedis.

This is our projection and it remains to be seen whether the over 100 oil marking firms will from Sunday reduce fuel prices based on the stated market conditions.