Some major Oil Marketing Companies (OMCs) have begun to lower the cost of fuel as well as some petroleum products at the pump.
GOIL, the market leader, has announced a more than 8% decrease in fuel prices.
It has reduced the price of fuel by ¢1.50 to ¢14.60 a litre.
On the other hand, petrol is going for ¢12.40 per litre, representing a decline of ¢1.
The reduction by GOIL is in line with the fortnight review in prices of petroleum products at the pumps.
TotalEnergies has also announced a drop in the price of its goods at the pump.
Other OMCs are likely to follow suit later today by revising their petroleum product pricing.
Read Also: Cedi to depreciate by about 22% in 2023 – EIU
As firms strive for additional consumers, it is believed that competition will bring down fuel prices.
The country now has more than 100 OMCs.
Local fuel market performance
The Institute for Energy Security observed all Oil Marketing Companies (OMC) outlets during the second pricing window of December 2022, which witnessed worldwide market price decreases and the Ghana cedi’s appreciation against the dollar have a favorable impact on the domestic fuel market.
The price declines recorded throughout the pricing window bring the national average price per litre of petrol down to ¢12.68 from ¢15.16, signifying a 16.36% decrease over the period. The nationwide average price of diesel per litre fell from ¢18.78 to ¢15.55, representing a 17.20% decrease.
World oil market
Brent, the international crude oil benchmark, declined by 0.51% in price from the previous window’s average price of $81.90 per barrel to the current average price of $81.48 per barrel.
SOURCE: myjoyonline
