By Francis Kobena Tandoh
Fuel prices at the pumps are set for a second consecutive decline in the second pricing window of January, according to projections from the Chamber of Oil Marketing Companies (COMAC) released on Thursday.
According to the data by COMAC, petrol prices are expected to fall by about 2.30 percent, diesel by 2.10 percent, while Liquefied Petroleum Gas (LPG) is projected to drop by roughly 5.09 percent.
The anticipated reductions are being driven largely by the appreciation of the Ghana cedi and sustained declines in international petroleum product prices.
Although crude oil prices have risen, refined petroleum products on the international market continued to soften over the period. Petrol declined by 1.07 percent, diesel by 0.68 percent, and LPG by 3.40 percent.
The cedi has strengthened from GH¢11.52 to GH¢10.90 to the US dollar, representing a 5.71 percent gain, according to COMAC.
The expected reductions should provide additional relief to consumers, following price cuts already recorded in the first pricing window of January.
Market leader Star Oil set the pace at the start of the year with two price adjustments in the first week, a development industry players attribute to heightened competition, particularly from state-owned GOIL.
A litre of petrol is now selling at GH¢10.56, down from GH¢10.86, while diesel has declined to GH¢11.56 from GH¢11.96. Ron 95 is also selling at GH¢12.96, down from GH¢13.56.
At selected Star Oil outlets nationwide, additional promotional discounts have pushed prices even lower, with petrol selling at GH¢10.36 per litre and diesel at GH¢11.36.
GOIL also reviewed prices downward. Petrol is currently selling at GH¢10.99 per litre, diesel at GH¢11.96, while Super XP 95 is priced at GH¢13.97.
Shell outlets are selling petrol at GH¢11.68 per litre and diesel at GH¢12.38. TotalEnergies has matched these price points, with petrol at GH¢11.68 and diesel at GH¢12.38 per litre.
PETROSOL similarly reduced prices, with petrol now selling at GH¢11.65 per litre and diesel at GH¢12.35. In the second pricing window of December, PETROSOL cut petrol prices to GH¢12.48 per litre, with diesel also selling at GH¢12.48.
The Chamber of Petroleum Consumers (COPEC) has welcomed the emerging price war among oil marketing companies in the deregulated downstream petroleum sector, describing it as positive for consumers and a source of much-needed relief at the pumps. Enditem
Source: Ghana Eye Report
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