Ghanaians should expect a reduction in the prices of petrol and Liquefied Petroleum Gas (LPG) at the pump in July (July 2 to be specific).
According to the Bulk Oil Distribution Companies price of petrol is expected to go down by about 7$ per litre and a kilogram of LPG is also expected to go down by 7%.
A Joy Business report further indicated that the price of diesel will, however, increase by over 3% per litre.
The report revealed the reduction in the price of petrol and LPG is due to some favorable developments on the international market.
It is the hope that the over 150 Oil Marketing Companies (OMCs) will pass on these reductions to consumers beginning this weekend.
Prices of petroleum products shot up by about 11% on June 16, 2022.
Petrol is currently being sold on the market for about ¢11 per litre, whereas diesel is going for ¢13 plus per litre.
Oil prices fell on Wednesday, taking a break after gaining for three sessions, as concerns about the global economy weighed while tight supply curbed losses.
Brent crude futures for August dropped 98 cents, or 0.8%, to US$117.00 a barrel by 0647 GMT. The August contract will expire on Thursday and the more-active September contract was at US$113.03, down 77 cents, or 0.7%.
U.S. West Texas Intermediate (WTI) crude futures slid 62 cents, or 0.6%, to US$111.14 a barrel.
Meanwhile, the cedi assumed relative stability after speculation that government might consider a programme from the International Monetary Fund.
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