The Institute for Energy Security(IES) says Ghanaians will enjoy some relief in relation to the increasing prices of fuel if the Cedi continues to maintain stability against the Dollar.

This follows the latest prediction by the energy think-thank in the reduction of fuel prices due to the stability of the Cedi. The IES has however predicted an increment in the price of LPG.

Speaking to Starr News, the Research and Policy Analyst with IES, Derick Hadzi said the local economy will feel the impact of the reduction soon enough if the Cedi stabilizes.

“Two major factors that affect fuel pricing is that of the international price and the strength of the Cedi. At the international level, we do not have control over it. It depends on the forces of demand, what we have control over is the strength of our local currency. For the ending of October, the Cedi depreciated almost 30% to 45%. So for this second pricing window from November the Cedi has been a little bit stable.”

Leading Oil Marketing company GOIL on Wednesday announced a reduction in the prices of

Ghana’s leading indigenous Oil Marketing Company, GOIL, has announced a reduction in the pump prices of both types of gasoline (petrol) and gasoil (diesel) at all its retail outlets across the West African nation.

A litre of petrol is now selling at Gh16.82 while diesel is selling at Gh20.50 per litre.

Previously, a litre of petrol sold at Gh17.99 while diesel was selling at Gh¢23.49 per litre.

This means that a litre of petrol has been reduced by Gh¢1.17 while diesel saw a reduction of Gh¢2.99 per litre.