OMCs cut fuel prices
Some Oil Marketing Companies (OMCs) in the country have cut fuel prices at their pumps in view of the anticipated drop in prices of petrol and diesel by some 4% and 11% respectively.
Price of processed gas [Liquified Petroleum Gas], is also expected to fall by almost 10% per Kilogramme.
Already, leading market players Total Energies and GOIL, have slashed prices of fuel at their pumps since last week.
GOIL for instance, has cut its fuel prices with petrol going for GHS 11.30 and diesel trading at GHS 13.63.
The reduction in prices of petroleum products could compel transport operators to delay their agitations for increase in transport fares.
It could also help contain rising cost of living in the country in recent times.
Prices of petroleum products begun going down from the weekend July 16, 2022.
Chief Executive of Chamber of Petroleum Consumers, Duncan Amoah, said there is every indication that fuel prices will decline by some 5% between the two products – petrol and diesel.
“We pick every indication that pump prices will decline or go down by some 5% between the two products – petrol and diesel.”
“Diesel has gone down steeply, petrol has done about 3.8% reduction. Diesel has done almost 11% reduction,” he stated.
He, however, added that, “the reintroduction of the rebate that government through the Finance Ministry did (15 pesewas and so plus or minus), you are looking at doing about 5.3% cut, effective second window July 2022”.
That means in nominal terms, between 50 to 70 pesewas per liter reduction of petrol and diesel will be witnessed at the pump and this will be a huge relief to consumers.
On the expected increase in transport fares, Duncan Amoah said his outfit will plead with the transport unions to wait a while and monitor trends with respect to fuel pricing before making any upward adjustment.
“We will make attempt to talk to them to hold on a bit to see what the pumps throw at us. I’m sure their frustrations is also stemming from increases over the past few weeks.”
“We will personally make efforts to at least get to them to say how they could hold on to observe few days what pump prices become”, he concluded.
