Ben
Some Oil Marketing Companies (OMCs) in Ghana have announced a reduction in the prices of petroleum products at the pumps. The price cut was expected to start on April 1, 2023, but due to logistical challenges, it was delayed and has only started today.
One of the OMCs, GOIL, has lowered its petrol and diesel prices to ¢12.65 and ¢12.84 pesewas per litre, respectively. Another company, Star Oil, sells petrol at ¢11.69 per litre and diesel at ¢12.69 per litre. These new prices decrease from the previous rates and could significantly save motorists and businesses.
It still needs to be determined whether other OMCs will follow suit and reduce their prices, but this move is expected to create some competition and encourage more price reductions soon.
The price cut may result from a drop in the international price of crude oil, which is the primary component of petrol and diesel. This reduction could be a welcome relief for Ghanaians, who have been grappling with high fuel prices for some time now. Lower prices could also stimulate economic growth, as businesses would have lower overheads, and consumers would have more disposable income.
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Source:Omanghana.com/SP
