Some Oil Marketing Companies have started reducing prices of petroleum products at the pumps from November 19, 2024.

Industry giant GOIL has taken the lead, selling a litre of petrol for GH₵14.35.

This represents GH₵0.29 reduction from the price the company was selling some two weeks ago. GOIL however kept the price diesel unchanged. A litre is still selling at GH₵15.45.

Reduction by other players

Some of the other Oil Marketing Companies have also told JOYBUSINESS that they are working to review their prices. It is not clear for now the expected margin of reduction.

There are currently more than 150 Oil Marketing Companies operating in the country. The review by the various players are in line with the two-week review in prices of petroleum products at the pumps.

Prices have been going up on the local market, since September 2024. That was in line with rising prices of crude oil on the international market .Crude oil prices on the international market have dropped from the 80 dollars a barrel range, currently selling at around 72 dollars a barrel.

Cedi’s Impact

Several Industry players including the Executive Secretary of the Chamber of Petroleum Consumers (COPEC) Duncan Amoah and Energy Analysts DR. Yusif Suleman have predicted that the level of reduction in fuel prices in the coming days will depend on the cedi’s outlook.

Mr. Amoah noted that, if the outlook is favorable consumers could witness about 5 percent drop in the prices of the petroleum products at the pumps.

The cedi has posted one of its longest good run against the US dollar in recent times.

The move has been linked to improve dollar support from the Bank of Ghana and slowdown in demand ahead of the Christmas Festivities.

Some of the Commercial Banks were today November 19, 2024, selling a dollar at  GH₵15.90 Pesewas.