Fuel prices will fall between 2 and 9 per cent for the third consecutive time from April 1, 2023, with Liquefied Petroleum Gas (LPG) expected to witness its biggest decline in recent times.

According to the Institute for Energy Security, LPG will go down by about 9 per cent while petrol and diesel will witness a drop between 2 per cent and 5 per cent.

The institute is attributing the drop in price to the stability of the cedi to the dollar and the easing of prices of finished products on the world market.

“Fuel consumers must expect another round of fuel price drops in the coming days.

 “The imminent 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,” Nana Amoasi VII, Executive Director of the Institute for Energy Security, said.

“In the last 14 days, the price of gasoline [petrol] on the world market posted a drop of $21 per metric tonne. 

“Gasoil [diesel] also dropped by roughly 3.6 percent from the previous price of $813 per metric tonne,” he added.