Some oil marketing firms have started reducing prices of petroleum products at the pumps from today September 2, 2024.

Market leader GOIL is selling at litre of petrol at GH₵14.16.

This represents a 6 pesewas drop per liter and 0.42 percentage point reduction per litre of petrol.

Diesel is also going for GH₵14.70 from its old price of GH₵14. 90.

This represents 20 pesewas drop in prices, and 1.34 percentage points reduction per liter of diesel.

The second biggest Oil Marketing Firm, based on half year industry data, Star Oil has also reduced prices of its petroleum products.

The company reduced the price of petrol per litre by some 0.73 percentage points, going for GH₵13.65. This represents 10 pesewas reduction from the previous price Star Oil was selling on the market.

Diesel on the other hand is going for GH₵13.85 per litre from its old price of GH₵14.02.

However, Star Oil is undertaking some promotions at selected stations across the country.  At these stations, a litre of petrol is selling at GH₵13.31.  Diesel at these stations is going for GH₵13.57.

JOYBUSINESS is learning that more oil marketing firms are expected to reduce prices of petroleum products at the pumps in the coming days.

Energy Analysts Dr. Yusif Suleman in a recent interview with JOYBUSIENSS said competition recently seen on the market shows that consumers are price sensitive.

It appears GOIL and Star Oil are using price to maintain their market share.

Reasons

Market watchers are linking the reduction in prices to the slowdown in cedi’s rate of depreciation against the dollar over the past two weeks as well as the continuous drop in prices of crude oil on the international market.

Crude oil has dropped from US$82 a barrel last week. As at September 2, 2024  it was going for US$76 a barrel .

Some of the analysts have argued that if the current trend on the international market is sustained and the cedi remains fairly stable against the US dollar, consumers should expect more review at the pumps in the coming days.