The cost of some petroleum products at the pump has started to decline mainly from some 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, 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 price reduction of its products at the pumps. Other OMCs are also expected to follow suit by adjusting their prices of petroleum products later today.
It is expected that competition will drive the fuel prices down as the companies compete for more customers.
There are currently more than 100 OMCs in the country.
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.