For the third straight time, fuel costs at the pump show a little decrease, providing some respite for consumers of petroleum goods.
Two days into the second pricing window for March, this development occurs.
The most recent change was spearheaded by Total Energies, which reduced the price of gasoline and diesel from GHS15.79 per liter during the first March pricing window to GHS15.49 per liter during the second March pricing window.
After prices started to decline in February’s second pricing window, this is the third straight reduction.
The decreases are ascribed to the recent relative stability of the Ghanaian cedi in relation to the US dollar and the decline in crude oil prices on the global market.
Other oil marketing firms are anticipated to follow suit in the days ahead, indicating a possible trend.
The Chamber of Oil Marketing Companies (COMC) had previously predicted that a drop in the price of crude oil globally would lead to a possible decrease in fuel prices during the second pricing window for March.
Crude oil prices dropped 4.16%, from $75.49 per barrel to $71.94 per barrel, according to data from the Chamber.
Concerns about the effects of rising trade tensions under US President Donald Trump’s administration, which have created a pessimistic view for global economic development and oil demand, are to blame for this decline.
