Source: newsthemegh.com
Fuel prices at the pumps have decreased once more. In accordance with this, the state oil corporation, GOIL, and other oil marketing firms are revising their rates.
The new prices went into effect on April 1st, 2023. A litre of gasoline costs 12.65 pesewas, while a litre of diesel costs 12.84 pesewas, according to GOIL.
Prices decreased by between 2% and 5%.
The Institute for Energy Securities predicted last week that starting on April 1, 2023, fuel costs will drop by between 2 and 9% for the third time in a row, with Liquefied Petroleum Gas (LPG) set to experience the greatest drop in recent memory.
LPG prices will decrease by roughly 9%, according to the IES, while gasoline and diesel prices would fall by between 2% and 5%.
The cedi’s stability versus the dollar and the softening of the pricing of completed goods on the global market, according to the institution, were the two factors that caused the price decline.
The IES stated, “Fuel users must expect another round of fuel price decreases in the coming days.”
According to Nana Amoasi VII, Executive Director of the Institute for Energy Security, “the impending 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.”
“The price of gasoline [petrol] on the global market saw a decline of $21 per metric tonne during the last 14 days.”
He continued, “Gasoil [diesel] also decreased by about 3.6 percent from the prior price of $813 per metric tonne.