Shell has joined the list of oil marketing companies that are reviewing prices downwards despite earlier projection of a marginal increment.  

Shell is now selling a litre of petrol at 3 Ghana cedi 33 pesewas, while diesel is going for 2 Ghana cedis 92 pesewas.

This brings the number of companies that have drop prices so far to four according to checks by Joy Business.

Joy Business’ George Wiafe reports that Total, Allied Oil and GOIL over the weekend became the first to drop their prices in line with petroleum price adjustment every two weeks.

Total’s price per litre has been reviewed downwards between 1 to 2 percent, while Allied Oil’s pricing has gone down by almost 4 percent. 

GOIL reduced its petrol price to 3 Ghana cedis 31 pesewas, while diesel sells at 2 Ghana cedis 89 pesewas.

For many, the move by the OMCs is very interesting because all calculations and projections had pointed to a marginal increment in the price of the commodity, but not a reduction.

The OMCs seem to be reducing the prices of their products so they do not lose out to other companies who are dropping their prices.

Joy Business is also learning that some of OMCs are likely to keep their prices unchanged. However, those who will review their prices upwards are not likely to exceed 2%.

Some analyst believe that what is happening is a clear testimony of the benefit of allowing importers and marketers to set their own price.

There are currently about 90 OMCs in the country.