Petrol, Diesel Prices To Go Down by 10% Effective December 1– IES

Petrol, diesel prices to go down by 10% – IES

The Institute for Energy Security(IES)predicts that gasoline and diesel prices will fall by 10% to 8% beginning Thursday, December 1, 2022.

However, due to the cedi’s depreciation, the price of liquefied petroleum gas (LPG) is expected to remain stable.

predicts that gasoline and diesel prices will fall by 10% to 8% beginning Thursday, December 1, 2022.

However, due to the cedi’s depreciation, the price of liquefied petroleum gas (LPG) is expected to remain stable.

“Prices of the various finished products will be affected by the 13.45% fall in the price of gasoline [petrol], the 11.63% fall in the price of gasoil [diesel], and the 1.88% fall in the price of LPG.

However, the 3.09% depreciation of the cedi against the US dollar is expected to erode portions of the gains from the reductions in international fuel prices. The price of LPG is however expected to remain stable on account of the cedi’s depreciation”

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Global Oil Market

Brent crude fell 6.31% from the previous window’s average price of $95.11 per barrel to the current average price of $89.11 per barrel on the international market.

On Monday [November 28, 2022], as new concerns about China roiled global markets, oil prices fell to their lowest levels in 11 months.

Crude oil is currently trading around $86 per barrel.

Diesel prices have dropped significantly.

During the most recent price review, petrol was sold at 16.31 per litre, down from 17.62, representing a 7.43% decrease over the previous period.

Diesel fell roughly 13.91% to 19.86 from 23.07.

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