Fuel Prices Fall By 4.8% At Pumps

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Fuel prices have been reviewed downward as some Oil Marketing Companies (OMCs) have begun reducing prices of petroleum products at the pumps from today, April 3, 2023.

A market leader like GOIL is now selling a litre of petrol for ¢12.65 and diesel for ¢12.84 from the previous ¢12.95 and 13.49 respectively. Also, Star Oil is selling a litre of petrol at ¢11.69 and petrol ¢12.69 per litre.

The adjustment shows that petrol has declined by a little over 2%, while diesel goes down by almost 5.0%.

It is expected that more OMCs are expected to cut fuel prices at the pumps later today.

The expected price reduction should have commenced last Saturday, April 1, 2023.

Meanwhile, the Chamber of Bulk Oil Distribution Companies is projecting more reductions of fuel prices at the pumps in the coming weeks if the cedi remains fairly stable against the dollar and the price of crude oil also stabilises on the international market.

The Institute for Energy Security (IES) had earlier predicted that fuel prices will fall between 2% and 9% for the third consecutive time from April 1, 2023, with Liquefied Petroleum Gas (LPG) expected to witness its biggest decline in recent times.

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According to the energy tink-tank, LPG will go down by about 9%, whilst petrol and diesel will witness between a 2% and 5% drop.

The institute attributed the drop to the stability of the cedi to the dollar and the easing of prices of finished products on the world market.

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