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Some OMCs start reducing fuel prices, GOIL down by 3.5%

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Some OMCs start reducing fuel prices GOIL down by 3.5%

Some Oil Marketing Companies (OMCs) in the country have started reducing prices of fuel at the pumps from today [30th November, 2022].

One of the Market leaders, GOIL has dropped the price for Diesel to ₵19.77, while Petrol is selling at ₵16.26.

This is the second time in the month of November 2022 that prices of petroleum products have been reduced.

The Chamber of the Bulk Oil distributors has linked the reductions to improved supply of dollars from the Bank of Ghana and moves by the regulator to improve the liquidity of commercial banks.

This has help improved lending to importers of petroleum products.

IES predicts fuel price drop

Earlier, the Institute for Energy Security projected that prices of petrol and diesel will go down between 10% and 8% from Thursday, December 1, 2022.

The IES said the price of Liquefied Petroleum Gas (LPG), is however expected to remain stable on account of the cedi’s depreciation.

“Prices of the various finished products will be affected by the 13.45% fall in the price of gasoline [petrol], the 11.63% fall in the price of gasoil [diesel], and the 1.88% fall in the price of LPG.

However, the 3.09% depreciation of the cedi against the US dollar is expected to erode portions of the gains from the reductions in international fuel prices. The price of LPG is however expected to remain stable on account of the cedi’s depreciation”, the IES said.

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