Fuel prices have further gone down by 8% at various fueling stations.
Market leader GOIL has announced a more than 8% reduction in fuel prices. Recall when petroleum products astronomically went up in the later part of 2022.
Good and services followed along increasing the standard of Ghanaians. The reduction of the prices means the prices for goods and services will correspond.
The price of diesel by ¢1.50 to now sell at ¢14.60 per litre whilst petrol goes for ¢12.40 per litre, representing a decline of ¢1.
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TotalEnergies 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 will drive fuel prices down as the companies compete for more customers. There are currently more than 100 OMCs in the country.
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.
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The p 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’s national average price per litre moved from¢18.78 from ¢15.55; falling by roughly 17.20%.
Fuel Price has fallen in the international market have also fallen. The Crude oil benchmark Brent fell 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.
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