Oil Marketing Companies (OMCs) have announced significant reductions in the prices of fuel at the various pumps.
Reports indicate that some OMCs have slashed the prices of diesel and petrol by as much as GH¢1.50 and GHS 1 to now sell at GHS 14.60 and GHS 12.40 per litre respectively.
Others have gone as low as selling a litre of petrol for GH¢10.70
The reduction in pump prices by OMCs is in line with the fortnight review in prices of petroleum products at the pumps and as projected by the Institute for Energy Security [IES].
It is expected the reduction in prices of fuel by OMCs will enhance competition in the downstream sector and will further drive fuel prices down as the OMCs compete for more customers.
The Institute for Energy Security (IES), is projecting a further reduction in the prices of petroleum products at the pumps at beginning of the first pricing window of the month of January 2023.
According to the IES, domestic OMC outlets are set to reduce their prices significantly in the first week of 2023, with some selling at single digits.
Per projections by the Think Tank, prices of petroleum products are set to reach GHS 9.50 (petrol), GHS 11.60 (diesel) and GHS 9 (LPG) respectively.
The anticipated decline in the prices of petroleum products at the pumps, the IES notes, is on the back of the 5.28% and 5.09% fall in the prices of Gasoline and LPG respectively and the 26.51% appreciation of the Cedi against the US Dollar in the second pricing window of December.
“Despite the marginal rise in the price of Gasoil on the international market, the Ghana Cedi’s appreciation against the Dollar will force prices down locally,” it added.
The second pricing window of December 2022 saw international market price falls and the Ghana Cedi’s appreciation against the US Dollar reflecting on the domestic fuel market positively at all Oil Marketing Companies (OMC) outlets monitored by the Institute for Energy Security (IES).
The price reductions seen over the pricing window peg the national average price per litre of Gasoline at Gh¢12.68 from Gh¢15.16, representing a 16.36% reduction over the period. Gasoil’s national average price per litre moved from Gh¢18.78 to Gh¢15.55; falling by roughly 17.20%.
In the pricing window under review, the IES MarketScan picked Nasona, Shell/Vivo, TotalEnergies, Engen, Sel, and Goil as OMCs with the highest-priced fuel on the market. Star Oil, Frimps, Benab Oil, Zen Petroleum, and Goodness Oil were spotted as some of the OMCs with the least-priced fuel on the market.
