Petroleum Prices to Drop By 3% in March

Prices of petroleum products are expected to drop by about 3 percent for the first pricing window in March.

The pricing window spans Thursday, March 1, 2018 to Thursday, March 15, 2018.

According to the Institute of Energy Security (IES), the drop can be attributed to the reduction of crude oil prices on the international market as well as the stability of the cedi.

Currently, a litre of petrol is selling at 4 cedis 51pesewas whilst a litre of diesel is selling at 4 cedis, 67 pesewas.

Principal Research Analyst at the IES Richmond Rockson tells Citi Business News prices are expected to go down for the first pricing window in March.

“In the next pricing window, consumers are going to be paying less per litre of fuel  as compared to what they are paying now. We are also expecting that prices will go down between one and three percent because crude oil prices on the international market have reduced. Currently, it’s gone down by 3.3 percent and currently trading at 65 dollars per barrel”.

He continued saying, “The cedi has been stable within the period. We also realized that gasoline went down as petrol went down by 6 percent and diesel also went down by 4.61 percent. Putting all this together, we are projecting and we foresee that prices will go down between one and three percent in the next pricing window”.