Fuel prices have dropped at the pumps. Some Oil Marketing Companies (OMCs) have reduced the prices of their products.
A market leader like TotalEnergies is selling a litre of petrol at GH₵12.99 from the old price of GH₵13.60.
Diesel on the other hand is selling at GH₵13.50, from the old price of GH₵13.95.
Oil Marketing Company, PETROSOL is selling a litre of Petrol at GH₵12.45 from its earlier price of GH₵12.99 pesewas.
Diesel is going for GH₵13.40 pesewas from the initial price of GH₵13.69.
Some of the OMCs say the reduction is due to the cedis’ stability and drop in prices of crude oil on the international market.
The reduction comes after the Institute of Energy Security (IES) predicted that prices may see a downward review in the second pricing window of October.
COPEC prediction
The Chamber of Petroleum Consumers (COPEC) predicted that fuel prices will go down at the pumps from Monday, October 16, 2023.
According to COPEC, petrol prices may reduce to GH¢12.098 per litre while diesel prices may plummet to GH¢12.694 per litre from the second pricing window of October, which begins on Monday, October 16, 2023.
COPEC attributed the anticipated drop to a significant drop in the prices of fuel on the international market as well as the seeming appreciation of the cedi against the US dollar.
“Indications of prices based on international price movements and the forex performance over the past fortnight points to some marginal reductions across pumps for the coming window as confirmed by CBOD petroleum pricing outlook for the window,” COPEC said.