The Chamber of Oil Marketing Companies (COMAC) predicts that fuel prices at the pump will drop for the second time in a row during the second pricing window of January.
According to COMAC data, prices for petrol are predicted to decrease by around 2.30%, diesel by 2.10%, and LPG by roughly 5.09%.
The Ghanaian cedi’s strengthening and the ongoing drops in global petroleum product prices are the main causes of the expected cuts.
Over time, the price of refined petroleum products on the global market continued to decline despite an increase in crude oil costs. Diesel fell by 0.68%, LPG by 3.40%, and petrol by 1.07%.
According to COMAC, the cedi has increased from GH¢11.52 to GH¢10.90 to the US dollar, a gain of 5.71%.
Following price reductions previously noted in the first pricing window of January, the anticipated reductions should offer more comfort to customers.
With two price changes in the first week of the year, market leader Star Oil set the standard. Industry participants credit this development to increased rivalry, especially from state-owned GOIL.
Diesel has dropped from GH11.96 to GH11.56, while a litre of petrol is currently selling for GH10.56, down from GH10.86. Additionally, Ron 95 is now retailing for GH¢12.96 instead of GH¢13.56.
Additional promotional discounts have further reduced costs at a few Star Oil locations across the country, with petrol retailing at GH10.36 per litre and diesel at GH11.36.
GOIL reviewed lower prices as well. At the moment, petrol costs GH10.99 per litre, diesel costs GH11.96, and Super XP 95 costs GH13.97.
Diesel costs GH12.38 per litre at Shell stores, while petrol costs GH11.68. With fuel priced at GH11.68 and diesel at GH12.38 per litre, TotalEnergies has matched these price points.
Similar price reductions were made by PETROSOL, which now sells fuel for GH11.65 per litre and diesel for GH12.35. Petrol prices were lowered by PETROSOL to GH¢12.48 per litre during the second pricing window of December. Diesel was likewise sold at GH¢12.48.
The growing pricing war between oil marketing firms in the deregulated downstream petroleum sector has been welcomed by the Chamber of Petroleum Consumers (COPEC), which has described it as beneficial for consumers and a source of much-needed relief at the pump.
Source: newsthemegh.com