Fuel prices decline by 8%

The cost of various petroleum products at the pump has started to decline thanks to several major Oil Marketing Companies (OMCs).

The market leader, GOIL, has announced a drop in gasoline costs of more than 8%.
The cost of diesel has been reduced by 1.50 to currently cost 14.60 per litre.

On the other side, gasoline is now selling for Ghc 12.40 a liter, down Ghc 1.
The price cut by GOIL is consistent with a fortnightly review of petroleum product prices at the pumps.
Additionally, TotalEnergies has disclosed a price drop for its goods at the pump.

Later today, more OMCs are anticipated to modify their petroleum product pricing in a similar manner.
As businesses strive for additional clients, it is anticipated that competition will lower gasoline prices.
There are now over 100 OMCs operating throughout the nation.

International market price declines and the strengthening of the Ghana cedi versus the US dollar during the second pricing window of December 2022 had a beneficial impact on the local gasoline market at all Oil Marketing Companies (OMC) outlets that the Institute for Energy Security was watching.

The price decreases across the pricing window result in the national average price per litre of gasoline falling to Ghc 12.68 from Ghc 15.16, a 16.36% decrease over the time period.
Diesel’s national average per-litre cost decreased from 18.78 to 15.55, or around 17.20%.

Source: Ghanatodayonline.com