Ghanaians should expect a significant reduction in petroleum products at the pumps today, the Institute for Energy Security (IES) has predicted.

According to IES, petrol and diesel prices are expected to reduce  between 7.1% and 10.8% at the pumps.

Despite the expected reduction in prices of fuel and diesel, Liquefied Petroleum Gas (LPG) is projected to increase for the next two weeks.

According to the Institute for Energy Security (IES), petrol will sell at about ¢14.40 per litre, and diesel going for about ¢13.90 per litre in the coming days.

But the price of a kilogramme of LPG may hinged up to sell at ¢14.70 before the close of second pricing-window for February 2023.

Explaining the reasons for the expected fall in prices, IES attributed the phenomenon to a marginal appreciation of the cedi to the dollar and drop in the prices of petrol and diesel globally.

“Following a global market drop in the price of Gasoline [petrol] and Gasoil [diesel] by some -1.60% and -12.80%, respectively, an increase in the price of LPG by 9.13% on the foreign market, and a marginal appreciation of the Ghana cedi against the US dollar, the domestic fuel market is expected to see significant price changes at the pumps”.

On the world market, the international crude oil benchmark Brent fell to about $82.89 per barrel on average terms from a previous average rate of $86.14 per barrel.

This represented a 3.77% fall in average price over the last two weeks. The window saw the price drop to about $79.72 per barrel at close of trading day February 5, after which price has seen slow increases and closed the window trading day at about $86.39 on February 10, 2023.

This largely was attributed to rebound of China’s Oil demand after review of COVID 19 restrictions.