Fuel prices to go down again from next week

Prices of petrol and diesel are expected to go down again from Friday, 16th December 2022.

Energy policy analyst, Benjamin Nsiah, made this known to newsmen in Accra on Wednesday December 7, 2022.

Explaining why the prices will decline, Mr Nsiah said the Russian-Ukraine war has exposed the European and American countries which have forced the IMF and the World Bank to project recessions in most of these economies in the first quarter of 2023.

“Whenever there is a projection of recession, it means there is going to be a lower demand for oil in future and for that matter, the future prices of this oil are declining.

“The second factor also is that China is the largest importer of petroleum products and also the second largest consumer of petroleum products. As we are speaking, Covid-19 has reared its ugly head in China and since we don’t know when covid-19 will vanish in that country, this has forced the Chinese government to introduce mobility restrictions on persons and certain industries and this will make the consumption of fuel to decline,” he noted.

To him, all these factors and other indigenous factors are good news for the country as prices of petrol, and diesel have started coming down.

Mr Nsiah was, however, optimistic that based on the data available to them petrol, and diesel prices are expected to decline by 16th December 2022.

This will be the third consecutive period that prices of petrol and diesel will be going down.

On the international market, Brent crude saw a 6.31 per cent decrease in price from the previous window’s average price of $95.11 per barrel to the present average price of $89.11 per barrel.

As fresh worries surrounding China roiled global markets on Monday [November 28, 2022], oil prices fell to their lowest levels in 11 months.