Many Oil Marketing Companies (OMCs) have started reducing petroleum product prices at the pumps in the first pricing window of September 2024.
Currently, GOIL offers petrol at GH₵14.16 per litre, a decrease of 6 pesewas, or 0.42%.
Diesel prices have also dropped to GH₵14.70 per litre from GH₵14.90, reflecting a 20 pesewas reduction and a 1.34% decrease.
Star Oil has also cut its petroleum prices, with petrol dropping by 10 pesewas to GH₵13.65 per litre, reflecting a 0.73% reduction.
Diesel prices have decreased to GH₵13.85 per litre from GH₵14.02.
However, Liquefied Petroleum Gas (LPG) has experienced a 2% increase, with the price rising to GH₵15.22 per kilogram (kg) from the previous rate of GH₵15.10.
This price adjustment reflects a modest but noticeable rise in LPG costs.
More oil marketing firms are expected to reduce prices of petroleum products at the pumps in the coming days.
Market analysts attribute the recent reduction in petroleum prices to the slowdown in the cedi’s depreciation against the dollar over the past two weeks and the ongoing decline in global crude oil prices.
Crude oil prices have fallen from US$82 per barrel last week to US$76 per barrel as of September 2, 2024.
This significant drop in oil prices, combined with a more stable cedi, has led to decreased prices at the pumps.
Experts suggest that if these trends continue—namely if crude oil prices remain low and the cedi maintains its stability against the US dollar—consumers can anticipate further reductions in fuel prices in the near future.
