IES predicts drop in fuel prices from April 1

The Institute for Energy Security (IES) is forecasting a 2% to 5% decrease in fuel prices in the first pricing window in April.

According to IES, Liquefied Petroleum Gas will be the biggest gainer, with a 9% decrease in price.

IES Research Analyst, Adam Yakubu, speaking to Citi News said, this development is due to the drop in the price of crude oil on the international market, as well as the stability of the cedi against major trading currencies such as the US dollar.

“LPG has seen the biggest fall in price in closing the window. What will this mean for the domestic consumers of petroleum products? [It means that] within the market, we are looking at a slight drop between 2 and 5 percent across. LPG can do about a nine percent reduction. So, for the next two weeks, we project that the prices of these products will reduce”, he said.

In March, industry players expected petrol Retail prices to drop by 3.73% from the then current Mean value of GHS14.20/L.

With the International price decreasing from $854.00/MT to $809.38/MT (-5.22%), and the increase in the Dollar rate, the expected mean retail price for the next window was said to be GHS13.98/L.