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Cost Of Fuel Major OMCs reduce fuel prices

It is currently unclear why these major OMCs have reduced the prices of fuel at the pump.

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Some major Oil Marketing Companies (OMCs) in the country have reduced their prices by 4 pesewas within the first pricing window of June.

This is coming few weeks after the prices of petroleum products increased by some three percent.

A litre each of diesel and petrol was selling for 4 cedis 89 pesewas.

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However, a litre of petrol and diesel is sold at 4 cedis 85 pesewas at Goil, Shell, and Total fuel stations.

This means that there is a drop in the price of a gallon of petrol and diesel from 18 cedis 50 pesewas to 18 cedis 36 pesewas.

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The Institute of Energy Security (IES) attributed the increase to the rise in the global prices as well as the marginal depreciation of the cedi.

For now, it is unclear why the OMCs have decided to reduce their prices.

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