The Institute for Energy Security (IES) has projected a reduction in the prices of petroleum products.

Per the IES’ projection, the prices of petroleum products are expected to drop significantly as a result of the appreciation of the Ghana cedi against the US dollar.

“With the continued price falls recorded on the international market, consumers are set to see further price relief at the pumps,” the IES stated.

The IES also predicts that on “the back of 9.02 per cent, 8.08 per cent and the 7.38 per cent fall in prices of Gasoline, Gasoil and LPG respectively, the domestic OMCs outlets are set to reduce their prices further.”

It is expected that the new prices will be pegged at about GHS13 per litre of petrol while diesel will be priced at GHS16.

The price of Liquefied Petroleum Gas (LPG) is also expected to reduce to about GHS12 per kilogramme. 

The price reduction in petroleum products, the IES projects, will take effect by Friday, 15 December.

However, before then, the Oil Marketing Companies (OMCs) have begun reducing the prices of fuel.