As the New Year begins, some oil marketing companies (OMCs) have started reducing fuel prices at the pumps, marking the first pricing window for January. These price cuts are expected to provide some relief to consumers and continue the recent trend of falling fuel prices.
Industry leader, Star Oil, has already adjusted its prices in line with market expectations.
* **New Fuel Prices**:
* Petrol: GH¢10.86 per litre
* Diesel: GH¢11.96 per litre
* RON 95: GH¢13.56 per litre
According to the company, the reductions are primarily due to lower international prices for refined petroleum products, as well as the recent appreciation of the Ghana cedi, which has helped lower import costs.
Selected Star Oil stations nationwide will be implementing these new rates.
Industry experts anticipate further price decreases in the coming days as competition among OMCs intensifies during this pricing window.
In its January forecast, the Chamber of Oil Marketing Companies (COMAC) predicted price reductions for all major fuel products. The projections are as follows:
* Petrol: A decrease of up to 4.80%
* Diesel: A decrease of approximately 3.77%
* Liquefied Petroleum Gas (LPG): A decrease of about 2.19%
COMAC attributes these expected reductions to a favorable cost environment, both locally and globally. Lower international refined fuel prices have led to a decrease in landing costs, while a stronger cedi has eased exchange rate pressures, which traditionally affect fuel prices at the pump.
Source; Theghanareport.com
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