Three days into November’s second pricing window, certain Oil Marketing Companies (OMCs) have started to decrease fuel prices slightly.
In light of the shifting worldwide market patterns for refined petroleum products, this will provide some respite for consumers.
The initiative to lower its petrol price has come from state-owned GOIL, one of the leading companies in the industry.
The price of petrol has been reduced from GH̼14.64 per litre to GH̼ 14.35 per litre by the firm, which had previously kept prices the same since the first pricing window in November.
Diesel, on the other hand, is still priced at GH̖ 15.45 per liter.
The most recent change suggests a possible trend towards lower gasoline costs, even if other OMCs had similarly kept their prices the same into the second pricing window.
Prior to the second pricing window opening on November 16, the Chamber of Petroleum Consumers (COPEC) had predicted that fuel prices will drop.
This forecast was predicated on lower gasoline costs on the global market and higher diesel prices.
According to data from the energy think tank, diesel prices rose from $666.38 to $667.61 per metric tonne, while petrol prices on the global market decreased from $723.03 to $676.64 per metric tonne.
The cedi’s fall against the dollar has also eased recently.
Market observers are eager to see how other companies will follow GOIL’s lead in lowering the price of gasoline in particular.
Source: newsthemegh.com