Some Oil Marketing Companies (OMC) have started reducing prices of petroleum products at the pumps from today, February 16, 2023.

This is the second time fuel prices have been reduced this year.

GOIL has cut its prices with a litre of petrol going for ¢14.50. This represents almost 5% reduction from the previous price.

Diesel, on the other hand is going for ¢14.90, showing a price reduction by almost 3% per litre.

The reduction is in line with the two week review in prices which has been influenced by a fairly stable cedi and prices of petroleum products on the International Market.

IES predicts price reduction

Earlier, the Institute for Energy Security (IES) predicted that prices of petrol and diesel were expected to drop significantly between 7.1% and 10.8% at the pumps, from Thursday February 16, 2022.

According to the IES, petrol was expected to sell at about ¢14.40 per litre, and diesel going for about ¢13.90 per litre.

But the IES said a price of a kilogramme of LPG may hinged up to sell at ¢14.70 before the close of second pricing-window for February 2023.

The fall in prices of petrol and diesel are due to a marginal appreciation of the cedi to the dollar and drop in the prices of petrol and diesel globally.

World oil market

The international crude oil benchmark Brent fell to about $82.89 per barrel on average terms from a previous average rate of $86.14 per barrel.

This represented a 3.77% fall in average price over the last two weeks. The window saw the price drop to about $79.72 per barrel at close of trading day February 5, after which price has seen slow increases and closed the window trading day at about $86.39 on February 10, 2023.