GOIL reduces fuel prices

Oil marketing firm GOIL has reduced the prices of petroleum products at the pump marginally.This follows what the company describes as a reduction in international prices of finished products and the appreciation of the cedi to the dollar.Now, petrol will go for GHS5.40 per litre while diesel is selling at GHS5.41 per litre.

A statement from the OMC said: “It wishes to thank consumers for the immense support and patronage of the company’s products and services.”The Institute for Energy Security, an energy think tank, predicted a three per cent reduction in the price of fuel for the second window in February.

“From the 12.16 per cent significant decline in prices of Brent crude, coupled with the 10.58 per cent and 8.66 per cent considerable reduction in the prices of Gasoil and Gasoline, respectively on the international market; the Institute for Energy Security (IES) foresees prices of fuel on the local market dropping by roughly three per cent.

“The significant fall in the value of the US Dollar makes the case for fuel price reductions at the pump stronger,” the IES said in a statement signed by Raymond Nuworkpor, Head of Research & Policy.