Some leading Oil Marketing Companies (OMCs) have begun reducing prices of some petroleum products at the pumps.

Market leader, GOIL, has announced more than 8% reduction in fuel prices.

It has slashed the the price of diesel by ¢1.50 to now sell at ¢14.60 per litre.

On the other hand, petrol is going for ¢12.40 per litre, representing a decline of ¢1.

The reduction by GOIL is in line with the fortnight review in prices of petroleum products at the pumps. 

TotalEnergies has also announced a price reduction of its products at the pumps.

Other OMCs are also expected to follow suit by adjusting their prices of petroleum products later today.

It is expected that competition will drive the fuel prices down as the companies compete for more customers.

There are currently more than 100 OMCs in the country.

Local fuel market performance

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.

The price reductions seen over the pricing window peg the national average price per litre of petrol at ¢12.68 from ¢15.16, representing a 16.36% reduction over the period. Diesel national average price per litre moved from¢18.78 to ¢15.55; falling by roughly 17.20%.

World oil market

International Crude oil benchmark Brent fell by 0.51% in price over the previous window’s average price of $81.90 per barrel to the present average price of $81.48 per barrel.