Prices Of Petroleum Products Decline

Most Oil Marketing Companies (OMCs) in Ghana have started reducing the prices of petroleum product at the various stations.

Petroleum pices have fallen more than three times, just within last month. This downward adjustment has been attributed to the fall in crude oil prices on the world market and the stability of the Ghanaian cedi which has led Oil Marketing Companies to review their pump prices.

Just last month the prices for fuel were selling at Gh¢80.96p per gallon for petrol and Diesel was going for Gh¢105.75p per gallon It then again reduced on November, 15, 2022 from Gh¢75.70 per gallon for petrol and diesel Gh¢92.30 per gallon And on November 30, 2022 Prices of fuel again went down. Whereas petrol was Gh¢73.20 per gallon, diesel was selling Gh¢89.00 per gallon. Just the beginning of December and getting to the end of the year, petrol sells at Gh¢69.40 per gallon and diesel Gh¢84.90 per gallon.

We Observed…

However, Mintah New Network found out that although, there is a significant reduction in fuel prices at the pumps, there is no linkage in relation to the Ghanaian people; as drivers continue to take old fares.

Also, we observed the reduction has not taken any effect on prices of goods and services as consumers continue to buy at high costs.

This significant reduction could put a lot of smile on the faces of the citizens if government will be able to regulate transport fares and the cost of goods and services on the market. But until then, it will still not boder Ghanaians and will not make any sense.

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