Consumers of petroleum products could be the biggest beneficiaries of the fuel price reduction as leading Oil Marketing Firms (OMCs) slug it out by cutting prices at the pumps stations.
For instance, Allied Oil, has reduced its price from ¢6.70 to ¢6.58, representing almost 2 percentage points drop.
GOIL has also cut its prices, effective this morning. It’s now selling a litre of petrol and diesel at ¢6.60 respectively.
Joy Business is learning that a number of leading OMCs are also expected to follow suit by cutting prices at the pumps, from today.
This could force the over 100 OMCs to also reduce their fuel prices.
The move is expected to cushion consumers from paying more for fuel.
If the trend continues, it is also expected to reduce the cost of living as fuel prices impact on both food and non-food items.
Fuel price to go down between 3% and 5% – IES
The Institute for Energy Security projected 3% to 5% reduction in the price of fuel per liter at the pumps, despite the marginal depreciation of the cedi to the dollar.
Already, some Oil Marketing Companies (OMCs) including a market leader, Total Petroleum PLC, has cut its price by about 2.2%.
The IES is attributing the fall in petroleum prices at the pumps to a decrease in price of Brent crude on the international market.
“With the 0.98% increase in the price of the International Benchmark- Brent crude together with the 11.68% decrease in gasoline price, the 8.64% decrease in gasoil price; the Institute for Energy Security (IES) projects for a 3-5% downward adjustment in the price of fuel per litre at the various pumps despite the marginal depreciation of the cedi of 1%”, it said in a statement.