For the first pricing window of August, spanning from the 1st to the 15th, Oil Marketing Companies (OMCs) in the Republic of Ghana have reduced the pump prices of both petrol and diesel.
As of Monday, leading OMCs such as GOIL, Shell, Star Oil, and Zen Petroleum have adjusted their prices. Petrol is now being sold between Gh¢14.42 and Gh¢14.02 per litre, while diesel ranges from Gh¢14.99 to Gh¢14.48 per litre.
Unlike other parts of Africa where fuel prices are reviewed monthly, Ghana reviews fuel prices bi-weekly. This reduction in fuel prices is attributed to a decrease in refined petroleum products on the international market.
Data from the country’s National Petroleum Authority, the petroleum downstream regulator, indicated that the price of refined petroleum products, petrol and diesel, has decreased, according to Energy News Africa.
For the first pricing window of August, petrol prices dropped to US$817.75 from US$842.98 per metric tonne, while diesel prices fell to Gh¢755.93 from US$792.32 per metric tonne.
Crude oil prices also saw declines during the second window of July, with Brent crude oil falling from $87 to $80 per barrel and WTI decreasing from $84 to $73 per barrel.
GOIL Petrol (Ron 91) at Gh¢14.42 per litre, petrol (Ron 95) at Gh¢15.52 per litre, and diesel at Gh¢14.99 per litre.
This decrease in fuel prices is a welcome relief for consumers and reflects the ongoing adjustments in the global petroleum market.
