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Fuel prices to drop in second pricing window of February – IES predicts

IES in a press statement sighted by GhanaWeb Business further stated that the price of gasoil could drop by 4.26%. This means that the price will move from GH¢15.90 to about GH¢15.25 this month – February.

Meanwhile, the price of Liquefied Petroleum Gas (LPG) is expected to be sold at GH¢13.51 per kilogramme across all stations.

The institute also asserted that the price reduction in gasoil could be attributed to government’s Gold-for-Oil programme.

“The Institute for Energy Security’s (IES”) monitoring of various Oil Marketing Companies (OMCs) for the pricing window under review saw the price of Gasoil dropped by about 4.26% from Ghe 15.90 to about Ghe 15.25 in the second week of the pricing window as a government intervention to set the price,” part of the statement read.

“At the close of the pricing window, the national average of Gasoline and Gasoil stood at about GHe15.20 and GHe 15.30 respectively. The national average price of liquefied petroleum gas (LPG) as monitored on various LPG Marketing Companies (LPGMCs) is pegged at Ghe 13.51 per kilogram. The changes in the price of Gasoil was largely as a result of a directives by the National Petroleum Authority directive 1r price adjustment to reflect government Gold for Oil Policy,” it added.

About gold-for-oil programme

The gold-for-oil programme is to allow government pay for imported oil products with gold in a direct barter with gold purchased by the central bank.

The move, announced by Vice President, Dr Mahamudu Bawumia will serve as an intervention to help stabilise prices of fuel products, as well as, reduce pressure on Ghana’s foreign exchange.

The first oil consignment arrived in January 2023.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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