OMCs respond to global market trends with pump price reductions
In a strategic move responding to the prevailing trends in the global crude oil market, several Oil Marketing Companies (OMCs) in the country have initiated a reduction in the prices of petroleum products at the pumps.
Effective today, November 17, 2023, these adjustments are aimed at passing on the benefits of the recent decline in global crude oil prices to consumers.
TotalEnergies Ghana, a prominent player in the downstream sector, is among the OMCs that have revised their pricing structure. TotalEnergies has revised downwards the cost of a litre of petrol to GHS 12.80 from its previous GHS 12.99, demonstrating the company’s commitment to offering competitive rates to consumers.
Similarly, the price of diesel has witnessed a notable reduction to GHS 13.30 per litre, down from GHS 13.70 as of November 2, 2023.
PETROSOL, another key player in the market, has also recalibrated its pricing strategy. The new rate for a litre of petrol stands at GHS 11.99 pesewas, marking a discernible reduction from the earlier GHS 12.45.
The OMC also now retails diesel at GHS 13.15 per litre, down from the previous GHS 13.40, reflecting PETROSOL’s commitment to delivering value to consumers.
The decision by these OMCs to adjust prices is closely tied to the broader fluctuations witnessed in the global crude oil market. A decline in global crude oil prices has prompted these companies to pass on the resulting cost benefits to consumers.
While this move signals a positive development for consumers, the extent of the reduction may have been influenced by the stability of the cedi against the US Dollar.
Industry observers anticipate that more oil firms will follow suit, reviewing their pricing structures in response to the evolving dynamics of the global energy market. As the day progresses, stakeholders will keenly observe further developments, considering the potential impact on consumer spending and the overall economic landscape.
