Some OMCs lower the costs of petroleum products, with diesel costing ₵13.40 and petrol costing ₵12.45.
A few Oil Marketing Companies (OMCs) have begun lowering the cost of petrol at the pump.
The decrease follows a forecast by the Institute of Energy Security (IES) that prices may be subject to a downward revision in October's second pricing window.
Petrol is now being sold by Oil Marketing Company PETROSOL for ₵12.45 pesewas per litre instead of the previous price of ₵12.99 pesewas.
From a starting price of ₵13.69 pesewas, diesel is now available for ₵13.40 pesewas.
A litre of petrol is now being sold by TotalEnergies for ₵12.99 instead of the previous ₵13.60.
In contrast, diesel is now being sold for ₵13.50 instead of the previous ₵13.95.
According to a few oil marketing companies, the decrease is the result of the cedi's stability and the decline in crude oil prices on the global market.
IES forecast
For the upcoming pricing window, the IES forecasted that the cost of petroleum products will decrease at all pump locations starting today, October 16, 2023.
The IES predicts that the reduction will reflect global market fundamentals.
Customers will specifically see a decrease of between 2% and 6% per litre for all petroleum products, including petrol, diesel and liquefied petroleum gas (LPG), according to the statement.
According to a press release, this is "following the fall in refined product prices on the World Fuel Market by 13.06%, 6.40%, and 9.67%, for Gasoline [petrol], Gasoil [diesel], and LPG respectively, and taking into account the 1.42% depreciation of the Ghana cedi against the greenback [dollar] currency on the forex market."
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