Since today, September 2, 2024, several oil marketing companies have been lowering the price of petroleum products at the pump.
The industry leader GOIL is charging GH₵14.16 for a liter of gasoline.
This translates to a 0.42 percentage point decrease and a 6 pesewas drop per liter of gasoline.
Additionally, Diesel is now available for GH₵14.70 instead of GH₵14.90.
Petrol prices have dropped by 20 pesewas, and diesel has seen a 1.34% reduction per litre.
Star Oil, the second-largest Oil Marketing Firm based on mid-year data, has lowered its petrol price to GH₵13.65 per litre, a reduction of 10 pesewas or 0.73%. Diesel is now GH₵13.85 per litre, down from GH₵14.02.
Additionally, at select Star Oil stations, petrol is being sold at GH₵13.31 per litre, and diesel at GH₵13.57 per litre. More firms are expected to follow with price cuts. Energy analysts note that firms like GOIL and Star Oil are using competitive pricing to retain market share.
Market observers attribute the price down to both the ongoing decline in crude oil prices on the global market and the decrease in Cedi’s rate of depreciation against the dollar during the previous two weeks.
Crude oil fell from last week’s price of US$82 per barrel. On September 2, 2024, a barrel was selling for US$76.
According to some observers, consumers should anticipate more reviews at the pumps in the upcoming days if the current trend on the global market is maintained and the cedi is relatively constant in relation to the US dollar.
