Oil marketing companies reduce fuel prices by 2%

A number of oil marketing companies (OMCs) have begun a further reduction in the prices of petroleum products, in line with the full price deregulation of the sector.
Full price deregulation of the sector, which began earlier this month, has brought about some serious competition among the OMCs.
This has been occasioned by the implementation of the petroleum pricing deregulation policy being implemented by the government.
A few days ago, fuel prices were reduced by 15 per cent at the various fuel stations.
Players in the industry have attributed the decrease to the appreciation of the cedi against the major international trading currencies.
Marginal differences
The decrease varied at the various fuel stations, with marginal differences in the prices.
Prices of fuel products have gone up by more than 25 per cent in the past four months. The price of crude oil on the international market fell below $51 a barrel last Tuesday, after hovering round $60.
As of Friday, July 10, 2015, the cedi was being sold at GH¢3.4596 for one dollar on the interbank market and purchased for GH¢3.4630.
The cedi has gained 4.27 per cent in value since February 2015.
Fuel prices
The Ghana Oil Company Limited (GOIL) prices are the lowest in the industry so far with petrol selling at around GH¢ 3.42, while a litre of diesel, which was sold at GH¢3.070, is selling at GH¢2.98.
A customer, Chief Inspector Mintah, however, stated that some of the customers did not even know the percentage at which the prices of petroleum products had been reduced.
Credit: Daily Graphic

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