Major OMCs adjust downwards prices of petrol, diesel at pumps
Major Oil Marketing Companies (OMCs) across Ghana have started beating down their prices on petroleum products as GOIL now sells petrol for GHS 13.40 and Diesel for GHS 16.10, causing a GHS 2 margin reduction from its old price.
This new development comes as a result of the fast appreciation of the cedi against the dollar with the exchange rate now at GHS 9.40 to $1.
According to reports, other Oil Marketing Companies will follow suit as GOIL has just done in pursuit to relieve Ghanaians of the heavy economic crisis heaped on them for a while now.
Moreover, COPEC says it has engaged with the various Transport Unions to reduce fares considering the significant drop in prices of petroleum products.
Duncan Amoah, the Executive Secretary of COPEC has indicated that the drop in fuel prices is significant and therefore providing a justification for a downward review in transport fares.
“I don’t think the justification could ever be that when you have fuel prices drop as much as five, six or even seven cedis per litre, fares should not reflect downwards”.
Price of petrol, diesel to fall to GHS 13, GHS 16 over cedi appreciation
The prices of petroleum products – petrol and diesel – is expected to significantly fall at the beginning of the second pricing window of the month of December.
Per projections from the Institute of Energy Security (IES), the new prices of petrol, diesel and LPG will be GHS 13, GHS 16 and GHS respectively at the various pumps.
This is from the previous prices of GHS 16.31 and GHS 19.58 for petrol and diesel at the beginning of the first pricing window.
The price reductions seen over the first half of December 2022 pegged the national average price per litre of petrol at GHS 15.16 from GHS 16.31, representing a 7.05% reduction over the period.
The national average price of diesel per litre moved from GHS 19.86 to GHS 18.78; falling roughly by 5.44%
“With the continued price falls recorded on the international market, consumers are set to see further price relief at the pumps. The Institute for Energy Security (IES) predicts that on the back of 9.02%, 8.08% and 7.38% fall in prices of Gasoline [petrol], Gasoil [diesel] and LPG respectively, the domestic OMCs outlets are set to reduce their prices further”, the IES noted.
