Some market analysts predict that petrol will sell at a single digit price at local pumps for the first time in a year in the first week of January 2023.
The Institute for Energy Security (IES) predicts that petrol prices will fall significantly to around GHS9.50 per litre, down from the current national average of GHS12.68.
Diesel is also expected to fall significantly from the current national average of GHS15.55 to around GHS11.60.
In the first week of January 2022, the national average for petrol and diesel was GHS 6.7 and GHS 6.9 per litre, respectively.
According to Mr Fritz Moses, Research Analyst at IES, the price of Liquefied Petroleum Gas (LPG) is expected to fall to GHS9 per kilogram on January 1, 2023.
He predicted that the recent drop in fuel prices would be sustained as long as the price of petroleum products on the international market fell and the Cedi strengthened against the Dollar.
“Despite the marginal rise in the price of Gasoil on the international market, the Ghana Cedi’s appreciation against the Dollar (26.51 per cent) will force prices down locally.
“Prices are set to reach GHS9.50p and GHS11.60p per litre for Gasoline and Gasoil respectively, and GHS9 per kilogram for LPG in the coming days,” Mr. Moses stated.
The Chamber of Petroleum Consumers (COPEC) also predicted that petrol and diesel prices would fall significantly at the pump beginning January 1, 2023.
The Chamber forecasted that petrol would sell for GHS GHS10.63, a 13.78% decrease, while diesel would sell for GHS GHS12.85, a 15.86% decrease.
“With the international price decreasing from $573.43/MT to $544.23/MT (-5.09 per cent) the projected retail price of LPG is expected to decrease by about 25.16 per cent from the current average of 13.63/kg to GHS10.20/kg,” the Chamber projected.