The cost of some petroleum products at the pump has started to decline due to some actions taken by major Oil Marketing Companies (OMCs).
The market leader, GOIL, has announced a drop in fuel costs of more than 8%.
The cost of diesel has been reduced by 1.50 to currently cost 14.60 per litre.
On the other hand, gasoline is now selling for $12.40 per liter, down $1.
The price cut by GOIL is consistent with a fortnightly review of petroleum product prices at the pumps
Additionally, TotalEnergies has disclosed a price drop for its goods at the pump.
Later today, additional OMCs are anticipated to adjust their petroleum product prices in a similar manner.
As businesses strive for additional clients, it is anticipated that competition will lower fuel prices.
There are currently over 100 OMCs operating in the nation.
Local fuel market performance
The second pricing window of December 2022 saw international market price falls 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%.
World oil market
International Crude oil benchmark Brent fell by 0.51% in price over the previous window’s average price of $81.90 per barrel to the present average price of $81.48 per barrel.
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