Petroleum prices see marginal drop in prices

Some oil marketing firms have started reducing prices of petroleum products at the pumps from today September 2, 2024.

Market leader GOIL is selling a litre of petrol at GH₵14.16.

This represents a 6 pesewas drop per liter and 0.42 percentage point reduction per litre of petrol.

Diesel is also going for GH₵14.70 from its old price of GH₵14. 90.

This represents 20 pesewas drop in prices, and 1.34 percentage points reduction per liter of diesel.

The second biggest Oil Marketing Firm, based on half year industry data, Star Oil has also reduced prices of its petroleum products.

The company reduced the price of petrol per litre by some 0.73 percentage points, going for GH₵13.65. This represents 10 pesewas reduction from the previous price Star Oil was selling on the market.

Diesel on the other hand is going for GH₵13.85 per litre from its old price of GH₵14.02.

More oil marketing firms are expected to reduce prices of petroleum products at the pumps in the coming days.

Market watchers are linking the reduction in prices to the slowdown in cedi’s rate of depreciation against the dollar over the past two weeks as well as the continuous drop in prices of crude oil on the international market