Oil Marketing Companies (OMCs) in Ghana have begun reducing prices of petroleum products at the pumps today, April 3, 2023, consistent with conditions on the global market.
GOIL is now selling a litre of petrol for ¢12.65 and diesel for ¢12.84 from the previous ¢12.95 and 13.49 respectively.
The adjustment shows that petrol has declined by 2%, while diesel goes down by almost 5.0%.
It is expected that the OMCs will cut fuel prices at the pumps in due course, barring any unforeseen circumstances
The fuel price regime is hinged on the forex rate and crude oil price stability on the world market. Thus the Chamber of Bulk Oil Distribution Companies projects that the trend may hold if the relativities remained favourable.
The Institute for Energy Security (IES) had earlier predicted that fuel prices will fall between 2% and 9% for the third consecutive time from April 1, 2023, with Liquefied Petroleum Gas (LPG) expected to witness its biggest decline in recent times.
The energy tink-tank reckoned LPG to go down by about 9%, and between a 2% and 5% drop for petrol.
The institute attributed the drop to the stability of the cedi to the dollar and the easing of prices of finished products on the world market.