Fuel Prices Drop By 8%

Major Oil Marketing Companies (OMCs) such as GOIL, have announced more than 8% reduction in fuel prices. It has cut down the price of diesel by ¢1.50 to now sell at ¢14.60 per litre. On the other hand, petrol is going for ¢12.40 per litre, representing a decline of ¢1. The reduction in fuel prices comes in wake of the fortnight review in prices of petroleum products at the pumps.

Other OMCs are also expected to adjust their prices of petroleum products later this week. This is expected to cause competition among OMCs as they strive to retain customers leading the prices to reduce drastically. The second pricing window of December 2022 saw international market price fall and the Ghana cedi’s appreciation against the US dollar reflecting on the domestic fuel market positively at all Oil Marketing Companies (OMC) outlets monitored by the Institute for Energy Security.

The price reductions seen over the pricing window peg the national average price per litre of petrol at ¢12.68 from ¢15.16, representing a 16.36% reduction over the period. Diesel national average price per litre moved from¢18.78 to ¢15.55; falling by roughly 17.20%.