Some OMC's reduced fuel prices, now at ¢11.24 starting January 1st

The price adjustments, effective immediately, have seen both petrol and diesel rates drop to GH¢11.24 per liter.

Star Oil started selling at GH¢11.24 for a litre of petrol with a litre of diesel going at a GH¢11.69 rate.

The Institute of Energy Security (IES) has predicted marginal reduction in fuel prices in the new year. In a statement released on Tuesday, January 2, 2024 IES wrote:

"The second pricing-window for December saw prices for all petroleum products reduced on the domestic fuels market. Monitoring Oil Marketing Companies’ (OMC’s) activities in the last two weeks showed price per litre of both Gasoline and Gasoil had reduced significantly across the market. The average price reduction realized for Gasoil and Gasoline was about 0.35% and 0.32% respectively in the pricing-window under review.

“The Institute for Energy Security’s (IES’s) analysis of sampled fuel price data gathered in the last 15 days pegged the national average litre and kilogram (kg) price as follows: Gasoline at GH¢11.89, Gasoil at GH¢12.74 and Liquified Petrolium Gas (LPG) at GH¢13 per kilogram (kg)"

In December 2022, the Institute of Energy Security (IES) predicted fuel prices getting to single digits in the early stages of 2023. However, prices mostly stayed at double digits in the first quarter of 2023 according to a weekly prices of gasoline in Ghana on Statista.

For the reduction in fuel prices in 2024, other major Oil Marketing Companies (OMCs) are anticipated to follow suit and implement downward adjustments to their fuel prices in the new year.

However, industry analysts are closely monitoring the extent of the reduction in the prices of petroleum products.

Wednesday, January 3, 2023 at 19:00GMT: This story was updated to include Star Oil and the statement from the Institute of Energy Security.