Consumers of petroleum products may heave a sigh of relief as fuel prices have been projected to reduce in the next pricing window beginning December 1, 2022.

Meanwhile, some Oil Marketing Companies (OMCs) have started the reduction from November 30, 2022.

GOIL has taken the lead to sell diesel at GH¢18.86 from GH¢20.50, while Petrol is selling at GH¢15.41 from GH¢16.82.

Total has also moved to start selling diesel at GH¢18.85 and petrol at GH¢15.40.

The Institute of Energy Security had earlier projected a reduction in prices between 10 percent and 8 percent from Thursday, December 1, 2022.

The projection, made by the Institute of Energy Security (IES), will be the second consecutive period that will see consumers witness a reduction in the price of petrol and diesel products.

Despite the estimated reduction, the IES in a statement said the price of Liquefied Petroleum Gas (LPG) will however remain stable due to the depreciation of the local currency against major trading currencies.

“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,” it explained.

“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,” the IES added.

SSD/MA