Prices of petroleum prices have begun to fall at the pumps amid a fall in international Crude oil benchmark Brent 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.
In Ghana, leading Oil Marketing Companies (OMCs) such as GOIL have announced more than 8% reduction in fuel prices. It has reduced the price of diesel by ¢1.50 to now sell at ¢14.60 per litre. Petrol on the other hand 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 among the over 100 OMCs in the country will drive the fuel prices down as the companies compete for more customers.
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%.
