Several oil marketing companies (OMCs) have started lowering the prices of petroleum products at their pumps, effective today, September 2, 2024.
Market analysts attribute the recent price reductions to a combination of factors, including the slowing depreciation of the Ghanaian cedi against the US dollar over the past two weeks, as well as a continuous decline in crude oil prices on the international market.
Crude oil prices have dropped from $82 per barrel last week to $76 per barrel as of September 2, 2024. Some analysts believe that if this trend continues and the cedi remains relatively stable against the dollar, consumers could see further price reductions at the pumps in the near future.
Among them, market leader GOIL is now selling a litre of petrol at GH₵14.16, reflecting a 6 pesewas decrease per litre and a 0.42% reduction in the price of petrol.
GOIL has also reduced the price of diesel, which is now selling for GH₵14.70 per litre, down from GH₵14.90. This 20-pesewa decrease represents a 1.34% reduction in the price of diesel.
Star Oil, the second-largest oil marketing firm based on half-year industry data, has followed suit by reducing its prices. The company is now offering petrol at GH₵13.65 per litre, marking a 10 pesewas reduction and a 0.73% decrease from its previous price. Diesel prices at Star Oil have also been lowered to GH₵13.85 per litre, down from GH₵14.02.
In addition, Star Oil is running promotions at select stations nationwide, where petrol is available at an even lower price of GH₵13.31 per litre, and diesel at GH₵13.57 per litre.
Energy analyst Dr. Yusif Suleman, in a recent interview with Joy Business, commented on the ongoing competition among OMCs, noting that consumers are becoming increasingly price-sensitive. He suggested that GOIL and Star Oil are likely using price adjustments as a strategy to maintain their market share.