Some Oil Marketing Companies (OMCs) have reduced prices of petroleum products at the pumps following a decline in the global market price of crude oil.
[contextly_sidebar id=”wFoo3szDkacNZHu3ZeZyPEmWLKIvxDkD”]Crude prices have been sinking on the global market for some time now, this morning it sank deeper across the world closing at its lowest level since February 2009 on worsening oversupply concerns and a stronger dollar at about $36.97.
The drop in the price of crude is expected to hurt Ghana’s revenue and foreign exchange accounts which will have a negative impact on the cedi.
However the fall comes with some positives especially for buyers of petroleum products.
A visit to some OMCs today 18th December, 2015, showed prices of petrol, diesel and kerosene have reduced between 1 and 3 percent in line with the two-week price review window which is part of the full deregulation of the downstream petroleum sector.
At Total, the price of a litre of petrol for instance has been reduced by 8 pesewas and it is now selling at 2 cedis 699 pesewas; diesel has declined by 5 pesewas and it is now selling at 2 cedis 649 pesewas.
The price of Kerosene has also declined by 9 pesewas and it is now selling at 2 cedis 709 pesewas per litre.
Goil has also reduced its prices.
However, Champion oil has maintained prices of petroleum products at least for the past two weeks.
A litre of petrol is selling at 2.685 pesewas while a litre of diesel is selling at 2 cedis 625 pesewas.
Meanwhile the OMCs are predicting a further fall in the prices in the coming weeks.
They however contend the impact will be minimal due to the continuous depreciation of the cedi and the recent increase in the US Fed interest rate.
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By Pius Eduku Amihere