Some Oil Marketing Companies (OMCs) have begun to lower the pricing of petroleum products at the pump as of today.
The anticipated price decrease should have begun last Saturday, April 1, 2023.
GOIL sells a litre of fuel for 12.65 pesewas and a litre of diesel for 12.84 pesewas. In addition, Star Oil sells a litre of fuel for ¢11.69 and petrol for ¢12.69.
The adjustment reveals that petrol is down little more than 2%, while diesel is down over 5.0%.
Several OMCs are anticipated to reduce fuel prices at the pumps later today.
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Nevertheless, the Chamber of Bulk Oil Distribution Companies expects significant fuel price reductions in the coming weeks if the cedi continues to relatively remain constant against the dollar and crude oil prices also stabilize on the international market.
Fuel prices to fall between 2% and 9% from April 1
The Institute for Energy Security (IES) had estimated that fuel costs will fall between 2% to 9% for the third time in a row beginning April 1, 2023, with Liquefied Petroleum Gas (LPG) likely to see the largest drop in recent history.
According to the energy think tank, LPG will drop by roughly 9%, while petrol and diesel would drop by 2% and 5%.
The institution attributed the decline to the cedi’s stability against the dollar and the global market’s softening of finished product pricing.
SOURCE: myjoyonline
