Business / Agribusiness Local

Some Oil Marketing Companies Begin Price Reductions at the Pump

Some Oil Marketing Companies Begin Price Reductions at the Pump

Several Oil Marketing Companies (OMCs) have initiated a reduction in the prices of petroleum products at fuel pumps.

This price adjustment is in response to the Institute of Energy Security (IES) forecast, which indicated the likelihood of a downward revision in the second pricing window of October.

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For instance, PETROSOL, an Oil Marketing Company, has reduced the cost of a liter of Petrol from ₵12.99 pesewas to ₵12.45.

Diesel has also seen a price drop, now available at ₵13.40 pesewas, down from its previous ₵13.69 rate.

TotalEnergies has similarly adjusted its prices, offering a liter of petrol at ₵12.99, down from the previous ₵13.60, while diesel is now priced at ₵13.50, down from ₵13.95.

Representatives of some Oil Marketing Companies have cited the stability of the cedi and the decrease in crude oil prices on the global market as the reasons behind these price reductions.

In line with the IES prediction, petroleum product prices are expected to decrease at all fuel stations starting on October 16, 2023, for the upcoming pricing window. According to the IES, these reductions are reflective of international market dynamics.

They anticipate that consumers will witness a reduction ranging from 2% to 6% per liter for all petroleum products, including petrol, diesel, and Liquefied Petroleum Gas (LPG).

The IES explained that these price reductions are a result of declines in the prices of refined products on the World Fuel Market, with decreases of 13.06%, 6.40%, and 9.67% for Gasoline (petrol), Gasoil (diesel), and LPG, respectively.

Additionally, they took into consideration a 1.42% depreciation of the Ghana cedi against the U.S. dollar on the forex market.

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