Fuel prices drop as some OMCs sell petrol, diesel at GH¢12.30

Some Oil Marketing Companies (OMCs) have begun the reduction of fuel prices from May 16, 2023, as the second pricing window in May begins.

The first to reduce its prices are state-owned GOIL, selling diesel and petrol at GH¢12.30 from an earlier GH¢12.64.

This is a 34 pesewas reduction in the price of petrol and diesel.

Other OMCs are also expected to follow suit by the close of the day as some are yet to effect the new changes in the price of fuel.

International oil prices have experienced some reductions recently.

This has contributed to the reduction in local fuel prices. Last month, Ghana did not really benefit from the reduction in international prices due to the instability of the local currency against foreign currencies.

But this month, the Ghana cedi has seen some stability leading to a reduction in prices at the pumps.

Crude oil prices have been hovering around $71.47 per barrel, while Brent crude tumbled to $75.65 per barrel.

The Institute for Energy Security (IES) predicted a drop in prices of petrol, diesel, and Liquefied Petroleum Gas (LPG).

It stated that “The IES monitoring of prices over the past two weeks on the Global Standard & Poor (S&P) Platts platform indicate the prices of gasoline [petrol], gasoil [diesel], and Liquefied Petroleum Gas (LPG) decreased by 8.40%, 9.98%, and 13.43% respectively. The Ghana cedi also gained 0.17% against the US greenback currency.”

It added, “Following the drop in prices of petroleum products on the international market, coupled with the strong performance of the Ghana Cedi, domestic prices for all petroleum products are projected to fall”. Gasoil, Gasoline, and LPG are expected to sell at GH¢12.30, GH¢12.15, and GH¢12.12 respectively.”

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SSD/MA