Some Oil Marketing Companies (OMCs) have begun to lower the prices of petroleum products at the pump today.
The anticipated price decrease should have begun last Saturday, April 1, 2023.
GOIL sells a litre of petrol for 12.65 pesewas and a litre of diesel for 12.84 pesewas. In addition, Star Oil sells a litre of petrol for 11.69 and petrol for 12.69.
The adjustment shows that petrol is down slightly more than 2%, while diesel is down nearly 5.0%.
More OMCs are expected to reduce fuel prices at the pumps later today.
Meanwhile, the Chamber of Bulk Oil Distribution Companies expects more fuel price cuts in the coming weeks if the cedi remains relatively stable against the dollar and crude oil prices stabilise on the international market.
Fuel prices will drop by 2% to 9% beginning April 1.
The Institute for Energy Security (IES) previously predicted that fuel prices would fall between 2% and 9% for the third time in a row beginning April 1, 2023, with Liquefied Petroleum Gas (LPG) expected to see the largest drop in recent history.
According to the energy thinks tank, LPG will go down by about 9%, whilst petrol and diesel will witness between a 2% and 5% drop.
The institute attributed the drop to the stability of the cedi to the dollar and the easing of prices of finished products on the world market.
Source: adomonline.com
