Fuel prices at the pumps have decreased by a huge margin as major Oil Marketing Companies (OMCs) in the country have started reducing the prices of petroleum products at the stations.
Market leader GOIL has reduced the price of petrol to GH¢13.40 per litre from the previous GH¢15.80, representing more than a GH¢2 drop from its previous price, translating into about a 15% decrease.
Diesel is also going for GH¢16.10 per litre from the previous GH₵18.86.
TotalEnergies is also selling petrol for GH¢13.40 per litre, while diesel is going for GH¢15.85 per litre.
The decrease in prices translates to about a 15% per cent drop in petrol and diesel.
Meanwhile, most of the smaller OMCs reduced their prices earlier on Wednesday, December 14, 2022.
Some OMCs have attributed the reduction in the prices of petroleum products to the improved dollar supply and the appreciation of the Ghana cedi against the US dollar.
This has occasioned a meeting between the Ministry of Transport and the Ghana Private Road Transport Union (GPRTU), resulting in a reduction of transport fares effective Monday, December 19.
According to the Deputy Transport Minister, Hassan Tampuli, the ministry is negotiating with the transport operators to reduce the fares to a margin that will be favourable to passengers and transport operators.
“We understand that the fares will definitely come down. It is the margin of reduction that we are still negotiating. We are waiting for the next pricing window on Friday [December 16, 2022].
“So when the new prices are announced, we will see the clearest picture, and we will see the percentage margin for the reduction of fares. We do not have the full picture until the window opens on Friday. Hopefully, by Monday, the general public should see a reduction in transport fares,” he said.