Some oil marketing firms have started reducing prices of petroleum products at the pumps from today September 2, 2024.
Market leader GOIL is selling a litre of petrol at GH₵14.16.
This represents a 6 pesewas drop per litre and 0.42 percentage point reduction per litre of petrol.
Diesel is also going for GH₵14.70 from its old price of GH₵14. 90.
This represents a 20 pesewas drop in prices and a 1.34 percentage points reduction per litre of diesel.
The second biggest Oil Marketing Firm, based on half-year industry data, Star Oil has also reduced the prices of its petroleum products.
The company reduced the price of petrol per litre by some 0.73 percentage points, going to GH₵13.65. This represents a 10 pesewas reduction from the previous price Star Oil was selling on the market.
Diesel on the other hand is going for GH₵13.85 per litre from its old price of GH₵14.02.
However, Star Oil is undertaking some promotions at selected stations across the country. At these stations, a litre of petrol is selling at GH₵13.31. Diesel at these stations is going for GH₵13.57.
JOYBUSINESS is learning that more oil marketing firms are expected to reduce the prices of petroleum products at the pumps in the coming days.
Energy Analysts Dr. Yusif Suleman in a recent interview with JOYBUSIENSS said competition recently seen on the market shows that consumers are price sensitive.
It appears GOIL and Star Oil are using price to maintain their market share.
Reasons
Market watchers are linking the reduction in prices to the slowdown in Cedi’s rate of depreciation against the dollar over the past two weeks as well as the continuous drop in prices of crude oil on the international market.
Crude oil has dropped from US$82 a barrel last week. As of September 2, 2024, it was going for US$76 a barrel.
Some analysts have argued that if the current trend on the international market is sustained and the cedi remains fairly stable against the US dollar, consumers should expect more reviews at the pumps in the coming days.
Source: JoyBusiness
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