Some Oil Marketing Companies (OMCs) have begun revising prices of petroleum products downwards at the pumps from today. The anticipated price cut ought to have started this past Saturday, April 1, 2023.
However, according to earlier predictions from the Institute for Energy Security (IES), which states that From April 1, 2023, fuel costs were to drop between 2% and 9% for a third consecutive period, with Liquefied Petroleum Gas (LPG) experiencing the largest drop in recent memory.
Energy think tank also predicted that the price of LPG would decrease by roughly 9%, while the price of petrol and diesel will fall by between 2% and 5%. The institute ascribed the decline to the cedi’s stability against the dollar and the lowering of finished goods prices on the global market.
As it stands, 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.
Meanwhile, the Chamber of Bulk Oil Distribution Companies anticipates further drops in fuel costs at the pump in the coming weeks.