Fuel Watch: Petrol Prices Slashed By 3%, Motorists And Commuters 'Relieved'
- Ghana Oil, also known as Goil, has announced a reduction in fuel prices at its pumps in the country
- Petrol has reportedly been reduced by 3 per cent while diesel has also been dropped by 1.7 per cent
- This drop in fuel prices is expected to give a little cushion to motorists and users of petroleum products
Motorists and commuters would heave a sigh of relief following the announcement of new fuel prices by Ghana Oil.
As of Monday, August 5, prices of petrol have been reduced by 3% per litre while diesel has also been slashed by 1.7% per litre at the pumps.
Source: UGC
This means that a litre of petrol, which used to sell at GH¢16.00, would now be sold at GH¢15.52.
Also, a litre of diesel, which was selling at GH¢15.25 at the pumps, has been reduced to GH¢14.99.
This is according to a new price released to the public by the Ghana Oil, popularly known as Goil.
This marginal reduction is expected to somewhat have an impact on the economy and give some respite to consumers of petroleum products in Ghana.
IES prediction comes to pass
The Institute of Energy Security (IES) predicted in July 2024 that fuel prices would plummet in the first week of August.
It was estimated that this drop could be as much as 4% in July's pricing window.
According to the IES, the reduction would be occasioned by favourable international market conditions.
"This anticipated fall in the first half of August 2024 is attributable to the favourable international market dynamics. Fuel Prices are expected to fall between 2% and 4% for the three petroleum products under review," the IES predicted.
True to their forecast, fuel prices have dropped in Ghana, as announced by Goil.
CBOD rebuts astronomical fuel price increment
YEN.com.gh earlier reported that the Ghana Chamber of Bulk Oil Distributors said fuel prices were unlikely to see any major upward adjustment by the end of April.
This was to dispel earlier speculation that fuel prices could hit as much as GH₵18 per litre by next week, with the CBOD CEO also urging consumers to avoid any panic.
Proofread by Bruce Douglas, senior copy editor at YEN.com.gh
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Source: YEN.com.gh
