OMCs begin further reduction of petroleum products

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Some Oil Marketing Companies (OMCs) have
begun a further reduction in the prices of
petroleum products in line with full price
deregulation of the sector. The Ghana Oil Company Limited (GOIL) has
dropped its prices to levels that could make it
one of the lowest in the industry so far. A litre of petrol at the various service stations
of GOIL will be sold at 3.42 while diesel will be
selling at 2.98. Despite this reduction by GOIL, UBI still has
the lowest in the industry when it comes to the
price of petrol. A litre of petrol at UBI is selling at 3.36 slightly
lower than that of GOIL. Sources say there could be a further price
reduction in the coming days if the cedis’
appreciation is sustained. GOIL and UBI have all declared their
preparedness to reduce their prices. UBI for
instance has indicated that it will further review
prices downward on Tuesday. Full price deregulation of the sector, which
begun earlier this month, has brought about
some serious competition among the OMCs. This development if sustained could be
beneficial to consumers as it could result in the
reduction in the price of goods and services in
the coming days.

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