Fuel prices ease by 1.38%; Petrol now at ₵14.22, diesel ₵14.90

 

Some oil marketing companies (OMC) have started reducing the prices of petroleum products at the pump.

Market leader GOIL is selling a litre of petrol at ₵14.22, representing a 1.38 percent decline from the price quoted about two weeks ago.

Diesel has decreased by ₵0.9 per litre and is selling at ₵14.90 per litre.

Consumers will be looking forward to a margin reduction of more than 100 OMCs on prices.

Reasons for the Price Reviews

Some market watchers have said the reduction could be linked to the cedi’s sustained recovery over the past few months.

The Cedi’s rate of depreciation against the dollar has slowed from 7 percent in May to 1 percent in July.

The Cedi’s rate of depreciation has slowed significantly in the first two weeks of August.

These developments are said to be one of the major contributors to the prices being reviewed at the pumps.

Some analysts have argued that if the trend continues, there could be a further reduction in prices in the next window.

In addition, prices of crude oil have been fairly stable on the international market.

This is despite threats of war in the Middle East.