Consumers are likely to purchase petroleum products at reduced prices as fuel prices, particularly petrol and diesel fall at the pumps
Price reviews have commenced at the pumps today, Monday April 3, 2023 by Oil Marketing Companies (OMCs) with expectations from the OMCs to cut fuel prices at the pumps later today.
Many have attributed the fall in prices to the government’s gold-for-oil deal which brought in some consignments in the last and first quarter of 2022 and 2023 respectively.
The country has faced myriad economic challenges with continuous increases in fuel prices culminating into price hikes in general good and services in the country
Economic and political analysts have slammed the government over its failure to salvage the ailing economy. Pressure apparently mounted on the government compelled its efforts in what it called an ‘innovative’ approach to dealing with the price increases in fuel thus the gold-for-fuel barter deal.
Some critics earlier debunked claims that the gold-for-oil would have a positive impact on fuel prices, some government officials however expressed optimism that the deal is a good one and must be embraced by all sides of the political divide.
The Chamber of Bulk Oil Distribution Companies has given more assurance and positive outlook of more reductions in fuel prices at the pumps ahead but added that this will be realized if the cedi is stabilized against the dollar and the price of crude oil also stabilized on the international market.
Current Prices of Fuel
GOIL is selling a litre of petrol at ¢12.65 and diesel for ¢12.84 pesewas respectively.
Star Oil is selling a litre of petrol at ¢11.69 and petrol ¢12.69 per litre.
The reduction shows that petrol has declined by a little over 2%.
Diesel on the other hand has reduced by almost 5.0%.
According to the Institute for Energy Security (IES), LPG will go down by about 9%, whilst petrol and diesel will witness between 2% and 5% drop.