Some oil marketing firms have commenced the reduction of the prices of petroleum products at the pumps as from today September 2, 2024. GOIL the leading marketer has cut the pumps per litre petrol price to GH₵14. 16, a 6 pesewas reduction and consequently a 0. It is seen that there is about 42 percentage point reduction per litre in the second generation hybrid vehicles. From the figure above, it has shown that the prices of fuel has dropped and currently diesel is being sold at GH₵14. 70 per litre from what it used to be GH₵14. 90 compared with the previous price which was having a reduction of 20 pesewas indicating a 1. 34 percentage point decrease.
Like its competitor, Star Oil, the second largest oil marketing firm in mid-year industry data, has also cut its prices. The company has reduced the price of petrol by 10 pesewas making it sack to GH₵13. 65 per litre; On average the increase was 0. 73 percentage point reduction. Pumping of diesel at Star Oil is now selling at a new price of GH₵13. was learnt to have reduce from GH₵14 to GH₵85 per litre. 02.
Also, the Star Oil Company have put some offers in some of their stations across the nation where petrol is sold at a price of GH₵13. Increasing the price of petrol it to thirty one Ghana cedis per litre and diesel to thirteen Ghana cedis. 57 per litre.
JOYBUSINESS disclosed that, more oil marketing firms are likely to be emulating this action in the next few days. Energy Analyst Dr. Yusif Suleman pointed out in a recent interview that a growing competition in the analyzed market means that the prices are rather sensitive among the consumers. This seems to suggest that other companies such as GOIL and Star Oil are using price reductions as a way by which they can sustain their market share.
These market price cuts have been blamed by market observers on the recent relative stability in the Cedi against the green back in the last two weeks as well as the continuous drop in the International market prices of crude oil. Last week the price of crude oil was US$82 per barrel while the price has gone down slightly to reach US$76 per barrel by September 2, 2024.
Experts have opined that in the event that this development of stable crude oil prices and a fairly stable Cedi continues in the near future, consumers should expect to see more price drop at the pumps.
SOURCE: https://dew360.net
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