Some Oil Marketing Companies (OMCs) have begun reviewing prices of petroleum products downwards at the pumps from today.
The expected price reduction should have commenced from last Saturday, April 1, 2023.
GOIL is selling a litre of petrol at ¢12.65 and diesel for ¢12.84 pesewas respectively. Also, Star Oil is selling a litre of petrol at ¢11.69 and petrol ¢12.69 per litre.
The adjustment shows that petrol has declined by a little over 2%, while diesel goes down by almost 5.0%.
It is expected that more OMCs are expected to cut fuel prices at the pumps later today.
Meanwhile, the Chamber of Bulk Oil Distribution Companies is projecting more reductions of fuel prices at the pumps in the coming weeks if the cedi remains fairly stable against the dollar and the price of crude oil also stabilise on the international market.
Fuel prices to fall between 2% and 9% from April 1
Then Institute for Energy Security (IES) had earlier predicted that fuel prices will fall between 2% and 9% for the third consecutive time from April 1, 2023 with Liquefied Petroleum Gas (LPG) expected to witness its biggest decline in recent times.
According to the energy think tank, LPG will go down by about 9%, whilst petrol and diesel will witness between 2% and 5% drop.
The institute attributed the drop to the stability of the cedi to the dollar and the easing of prices of finished products on the world market.