OMCs reduce fuel prices despite contrary projections

More Oil Marketing Companies (OMCs) will
from today, Monday August 3 start reviewing
their prices downwards. Joy Business’ George Wiafe reports that
Total, Allied Oil and GOIL over the weekend
became the first to drop their prices in line with
petroleum price adjustment every two weeks. Total’s price per litre has been reviewed
downwards between 1 to 2 percent, while
Allied Oil’s pricing has gone down by almost 4
percent. GOIL reduced its petrol price to 3 Ghana cedis
31 pesewas, while diesel sells at 2 Ghana
cedis 89 pesewas. For many the move by the OMCs is very
interesting because all calculations and
projections had pointed to marginal increment
in the price of the commodity, but not a
reduction. George Wiafe reports that the depreciation of
the cedi in past few days had pointed strongly
to a marginal increase in the reviewed price. The OMCs seem to be reducing the prices of
their products so they do not lose out to other
companies who are dropping their prices. source: myjoyonline15481214

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