Fuel prices expected to reduce marginally at pumps from Friday
Data secured from Bulk Oil Distribution Companies, has indicated that prices of petroleum products are expected to experience a marginal reduction at the pump come Friday.
The Bulk Oil Distribution companies is set to sell fuel to oil marketing companies at a reviewed price which is expected to affect prices sold to consumers at the various pumps.
Based on the reviewed prices, diesel is expected to be reduced by some 26 pesewas per liter with petrol experiencing some 6 pesewas reduction. Which means that from Friday, diesel will go for GHS 10.3 and petrol GHS 9.29.
According to the BDCs, the reduction is linked to a decline in prices of crude oil on the international market and a fairly stable cedi.
This may come as a small reduction for some consumers based on recent development on the exchange market over the past week and the Bank of Ghana’s decision to guarantee sale of dollars to the Bulk Oil Distribution Companies to aid imports as some were looking forward to a bigger reduction at the pumps.
For some consumers, the insurance is that, current trends on the world market should continue in terms of prices of crude oil declining.
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Meanwhile, Some Oil Marketing Companies reviewed downwards fuel prices at the pumps some few days back.
It is expected that majority of OMCs will be reducing their prices as it responds to the 15p reduction by government as well as the slow down in the depreciation of the the cedi.
in an earlier interview, Chief Executive of the Chamber of Bulk Oil Distributors, Senyo Hosi, indicated that the intervention by the Bank of Ghana with the adequate supply of dollars will impact positively on prices at the pumps.
“It is something we’ve been working with the central bank and the industry for a long time. For us to have this start, I think its a big step. It helps address a lot more the uncertainties and the speculations that wrongly go into pricing of petroleum’’.
‘’Generally, we should have a more competitive FX rate to factor in our price build up for the window. So by way of that alone, we think that prices should be lower than would have been if this auction was not undertaken’’, he added.
