- Some oil firms in Ghana have begun reducing the prices of petroleum products
- This took effect at the pumps today, September 2, 2024
- Petrol is now available at GH₵13.65 per liter
Several oil marketing firms in Ghana have begun reducing the prices of petroleum products at the pumps, effective September 2, 2024.
This follows a recent slowdown in the cedi’s depreciation against the dollar and a continued decline in crude oil prices on the international market.
GOIL, the market leader, has reduced the price of petrol by 6 pesewas per liter, representing a 0.42 percentage point reduction.
Diesel has also been reduced by 20 pesewas per liter, a 1.34 percentage point reduction.
Star Oil, the second-largest oil marketing firm, has implemented similar price reductions.
Petrol is now available at GH₵13.65 per liter, a 10 pesewas reduction from the previous price. Diesel is selling for GH₵13.85 per liter.
Additionally, Star Oil is offering promotional prices at selected stations, with petrol going for GH₵13.31 and diesel for GH₵13.57 per liter.
Energy analysts have attributed the price reductions to increased competition among oil marketing firms and the favorable market conditions.
Dr. Yusif Suleman noted that consumers are price-sensitive, and GOIL and Star Oil are likely using price as a strategy to maintain their market share.
As crude oil prices continue to fall and the cedi remains relatively stable, consumers can expect further price reductions at the pumps in the coming days.
