Business News of Mon, 3 Aug 20155
OMCs reduce fuel prices despite contrary projections
More Oil Marketing Companies (OMCs) will from today, Monday August 3 start reviewing their prices downwards.
Joy Business’ George Wiafe reports that Total, Allied Oil and GOIL over the weekend became the first to drop their prices in line with petroleum price adjustment every two weeks.
Total’s price per litre has been reviewed downwards between 1 to 2 percent, while Allied Oil’s pricing has gone down by almost 4 percent.
GOIL reduced its petrol price to 3 Ghana cedis 31 pesewas, while diesel sells at 2 Ghana cedis 89 pesewas.
For many the move by the OMCs is very interesting because all calculations and projections had pointed to marginal increment in the price of the commodity, but not a reduction.
George Wiafe reports that the depreciation of the cedi in past few days had pointed strongly to a marginal increase in the reviewed price.
The OMCs seem to be reducing the prices of their products so they do not lose out to other companies who are dropping their prices.
Joy Business is also learning that some of OMCs in the coming days are likely to keep their prices unchanged. However, those who will review their prices upwards are not likely to exceed 2%.
Some analyst believe that what is happening is a clear testimony of the benefit of allowing importers and marketers to set their own price.
There currently about 90 OMCs in the country.