Three days into the second November pricing window, certain Oil Marketing Companies (OMCs) have started to slightly lower fuel prices.
In the face of shifting global market patterns for refined petroleum products, this will provide customers with some respite.
One of the main companies in the industry, state-owned GOIL, has taken the initiative to lower its petrol prices.
The corporation has recently reduced the price of gasoline from GH̼14.64 per litre to GH̼ 14.35 per litre after originally maintaining prices from the first pricing window of November.
Diesel, on the other hand, is still priced at GH̖ 15.45 per liter.
The most recent change suggests a possible trend towards lower gasoline costs, even if other OMCs had similarly kept their prices the same into the second pricing window.
Prior to the second pricing window opening on November 16, the Chamber of Petroleum Consumers (COPEC) had predicted that fuel prices will drop.
This forecast was predicated on lower gasoline costs on the global market and higher diesel prices.
According to data from the energy think tank, diesel prices rose from $666.38 to $667.61 per metric tonne, while petrol prices on the global market decreased from $723.03 to $676.64 per metric tonne.
The cedi’s fall against the dollar has also eased recently.
Market observers are eager to see how other OMCs react in the days ahead as GOIL sets the standard with its gasoline price cut in particular.
