Fuel prices: Goil reduces prices by 1%; others yet to

It appears most of the Oil Marketing Companies (OMCs) have not reduced the prices of their petroleum products for the first pricing window in March.

This is contrary to predictions that fuel prices will be reduced for the period.

The Institute for Energy Security (IES), early this week, indicated that prices for petroleum products are likely to be reduced by three percent citing the drop in global oil prices.

But checks by Citi Business News at some major OMCs have shown that most of the OMCs have not reduced prices.

GOIL, which has reduced its prices, only effected marginal drop of about one percent.

A litre of petrol is now at 4 cedis 26 pesewas from the initial 4 cedis 32 pesewas.

Also, a litre of diesel is now at 4 cedis 22 pesewas down from 4 cedis 26 pesewas.

But across other filling stations, a litre of petrol and diesel is around 4 cedis 27 pesewas each on the average.

Though global crude oil prices had been declining for some time now, the OMCs have either increased or maintained the prices of petroleum products in any of the previous pricing windows.

They argue among other things that the cedi’s depreciation plus other components have not favoured a reduction of prices.

But Goil explains that its decision is among others to keep faith with the consuming public.

By: Jessica Ayorkor Aryee/Anita Arthur/citibusinessnews.com/Ghana

Published on 16 March 2017 | 1:44 pm at Source