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

The reduction comes after the Institute of Energy Security (IES) predicted that prices may see a downward review in the second pricing window of October.

Oil Marketing Company, PETROSOL is selling a liter of Petrol at ¢12.45 from its earlier price of ¢12.99.

Diesel is going for ₵13.40 from the initial price of ₵13.69.

TotalEnergies is also selling a litre of petrol at ₵12.99 from the previous price of ₵13.60. 

Diesel on the other hand is selling at ₵13.50, from the old price of ₵13.95.

Some of the OMCs have told Joy Business the reduction is due to the cedis’ stability and drop in prices of crude oil on the international market.

IES prediction

The IES predicted that prices of petroleum products will go down at all pump stations beginning today, October 16, 2023, for the next pricing window.

According to the IES, the reduction will reflect international market dynamics.

Specifically, it said, consumers would see a reduction between 2% and 6% per litre for all petroleum products; petrol, diesel and Liquefied Petroleum Gas (LPG).

“Following the fall in the price of refined products prices on the World Fuel Market by 13.06%, 6.40%, and 9.67%, for Gasoline [petrol], Gasoil [diesel], and LPG respectively, and taking into consideration the 1.42% depreciation of the Ghana cedi against the greenback [dollar] currency on the forex market”, it said in a press statement.