The price of petrol (gasoline), on Friday, witnessed a 60 pesewas reduction at the pumps, energynewsafrica.com can report.
Leading Oil Marketing Companies (OMCs) notably GOIL Company Limited and TotalEnergies, have adjusted their pump prices downward from Gh¢11.55 per litre to Gh¢10.95 per litre.
As at Friday evening, Shell, one of the major OMCs, was still selling petrol at Gh¢ 11.55 per litre.
However, checks by energynewsafrica.com showed that Shell adjusted petrol price to Gh¢ 10.95 per litre on Sunday.
Other OMCs are likely to adjust their pump price for petrol either Saturday or Monday.
The price of diesel (gasoil), however, remained unchanged and is still being sold at Gh¢14.50 per litre.
The reduction in petrol price follows a drop in crude oil prices over the last two weeks.
International benchmark crude Brent and West Texas Intermediate (WTI) prices have fallen below $100 per barrel for the past two weeks.
In a statement issued last Wednesday, the Institute for Energy Security (IES) projected a drop in petrol prices by 5 per cent.
“With the fall in the international price of Gasoline and Gasoil by 10.96% and 0.54% respectively, the Institute for Energy Security (IES) projects a marginal reduction in the current price of Gasoline at the local pump, due to the significant decline in the value of the local currency against the US Dollar.
“Even though the prices of Gasoil and LPG also dipped on the international market, the 3.58% depreciation of the Cedi may thwart any expected fall in the price of the two products at the local pumps. Consumers may rather be forced to buy Gasoil and LPG at a higher value over the current prices for the rest of September 2022, on account of the Cedi fall against the greenback,” a statement signed by Fritz Moses, Research at IES, said.
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