Some Oil Marketing Companies (OMC) have started reducing prices of petroleum products at the pumps from today, February 16, 2023.
This is the second time fuel prices have been reduced this year.
Market leader GOIL has reduced its prices. A litre of petrol is going for ¢14.50 from GH¢15.90 per litre.
This represents almost 5 percent reduction from the previous price.
Diesel, on the other hand is going for ¢14.90, showing a price reduction by almost 3 percent per litre.
The reduction is in line with the two week review in prices which has been influenced by a fairly stable cedi and prices of Petroleum Products on the International Market.
Earlier, the Institute for Energy Security (IES) is anticipating a marginal drop in the prices of fuel for the second pricing window in February 2023.
IES projected the price of petrol to drop by about 4.26% from GH¢15.90 to about GH¢15.25 in the second week of the pricing window.
The changes in the price of gas oil, according to the monitoring conducted by IES, are largely a result of the directives by the National Petroleum Authority for a price adjustment to reflect the government’s Gold for Oil Policy.
The price of liquefied petroleum gas was also to be pegged at GH¢13.51 per kilogram across the various LPG stations across the country during the pricing window under review.
In the world oil market, the international crude oil benchmark Brent fell to about $82.89 per barrel on average terms from a previous average rate of $86.14 per barrel.
This represented a 3.77% fall in average price over the last two weeks. The window saw the price drop to about $79.72 per barrel at the close of the trading day on February 5, after which the price has seen slow increases and closed the window trading day at about $86.39 on February 10, 2023.