Source: newsthemegh.com
A few Oil Marketing Companies (OMCs) have begun to lower the retail cost of petroleum products.
Leading company in the industry, GOIL, is now selling a litre of gasoline for ¢12.39 this morning, December 20, 2023, down from ¢12.80 previously.
On the other side, the price of diesel has dropped from ¢13.30 to ¢12.99 per liter.
A lot of people in the business will be anticipating the margin of savings that other OMCs will apply to their pump prices.
This decrease coincides with the fact that the majority of OMCs neglected to evaluate their prices in the most recent pricing window, which ran from November 15, 2023, to November 30, 2023.
This is true even though market signs suggested that the cost of petroleum products at the pump may have somewhat decreased.
Some of the OMCs informed Joy Business that the cedi’s depreciation made it difficult for them to pass on to Ghanaian consumers the lower costs they saw on the international market. For this reason, they decided to maintain the same prices for petroleum products.
According to certain market observers, the majority of oil marketing companies have been attempting to use their marginal gains to strengthen their financial records after suffering some losses in the preceding months as a result of the increase in petroleum product prices.
