The price of fuel has fallen again at the pumps.

State oil company, GOIL and other oil marketing companies are reviewing their prices accordingly.

The new prices took effect from 1 April 2023.

GOIL is selling a litre of petrol at ¢12.65 and diesel at ¢12.84 pesewas, respectively.   

The prices fell by about 2% and 5%. 

Last week, the Institute for Energy Securities projected fuel prices will fall by between 2 and 9 per cent for the third consecutive time from April 1, 2023, with Liquefied Petroleum Gas (LPG) expected to witness its biggest decline in recent times.

According to the IES, LPG will go down by about 9 per cent while petrol and diesel will witness a drop between 2 per cent and 5 per cent.

The institute attributed the drop in prices to the stability of the cedi against 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 IES announced.

“The imminent price drop is a reflection of happenings on the world fuel market over the past two weeks which shows a decline in prices of gasoline [petrol], Liquefied Petroleum Gas and some other finished products,” Nana Amoasi VII, Executive Director of the Institute for Energy Security, said.

“In the last 14 days, the price of gasoline [petrol] on the world market posted a drop of $21 per metric tonne”.

“Gasoil [diesel] also dropped by roughly 3.6 percent from the previous price of $813 per metric tonne,” he added.

Source: classfmonline.com