Consumers of petroleum products, can heave a sigh of relief as the price of petrol is expected to go down by about 4 percent per litre at the various pumps in the 1st pricing window of July.
This is according to a recent analysis by the Institute for Energy Security (IES).
This follows a consistent rise in the price of fuel at the pumps in previous windows.
A recent analysis, issued by the Institute for Energy Security, notes that the reduction can be attributed to the 3.20% fall in the price of Gasoline, a 15.71% fall in the price of LPG, and a 2.05% appreciation of the cedi against the US Dollar.
It notes that the price of petrol is projected to reduce by roughly 4%, to sell below GH¢10.50 per litre while the price of Liquified Petroleum Gas (LPG) is projected to fall further by approximately 4% from its current price.
However, the 1.97% rise in the price of Gasoil on the international fuel market may either cause a stability in the current price of Gasoil, or a marginal jump in price at the pumps of the various OMCs.
Fuel prices for a while now have been increasing consistently on the local market due to developments on the international market.
Currently, the national average price of fuel per litre at the pumps is pegged at GH¢11 and GH¢14 for Gasoline and Gasoil respectively.
For the last pricing window, which was the second pricing window of June, prices of fuel on the local market increased by over 4%. The price of Gasoil and Gasoline increased by 5% and 3% respectively.