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

A leading OMC, GOIL is selling a litre of petrol for ¢12.95 and diesel for ¢13.49.

TotalEnergies has also cut prices of petroleum products at the pumps, selling a litre of petrol at ¢12.95 and diesel for ¢13.49 litre.

Shell is also selling a litre of diesel for ¢13.49 and petrol for ¢12.95 per litre.

Another OMC, Petrosol is selling a litre of petrol at ¢12.97, whereas diesel is going for ¢13. 37 per litre.

Based on the adjustments, diesel has fallen by 2.29% per litre, whilst petrol has gone down by about 6.56%. The reduction is in line with the two weeks review of prices of petroleum products

Some industry players have attributed the reduction to the stability of the cedi and a fall in the price of the commodity on the world market.

IES predicts reduction  

The Institute for Energy Security (IES) on March 14, 2023, projected that fuel prices will fall between 3% and 10% at the pumps.

IES predicted that the prices of all three key petroleum products – petrol, diesel and Liquefied Petroleum Gas (LPG) – were expected to fall.

The IES said, “the last two weeks have seen price indicators on both the domestic and international fronts falling and this can translate into some price reductions at the pumps for various petroleum products”.

The domestic fuel market prices are projected to fall between ¢12.60 for petrol, ¢13.40 for diesel and ¢14 per Kilogramme for LPG.

World oil market

The international crude oil benchmark Brent fell to about $83.87 from about $84.14 per barrel over the last two weeks. This represented a marginal drop in the average prices in the window under review.

The commodity which traded at about $86 per barrel in the mid of the window declined to as low as $79 per barrel at the start of Tuesday, March 14, 2023.

Fuel market performance

The first pricing window for March 2023 offered some respite to petroleum product consumers on the domestic market.

Prices of petrol and diesel drop significantly, allowing domestic consumers to enjoy some relief.

The IES monitoring of various Oil Marketing Companies (OMCs) for the pricing window under review found the national average price for petrol and diesel as ¢13.53 and ¢13.69.

The national average price of LPG, however, sold for ¢15.44 per kilogramme.