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OMCs Reduce Fuel Prices By 2%   
 
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21-Jul-2015  
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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.

Checks by the Daily Graphic indicated that there was a two per cent average reduction last Saturday.

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.
Cedi appreciation

Some 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.

The Daily Graphic observed that 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


At the Total fuel station on the 37 Military Hospital road, petrol, which was previously sold at GH¢3.538 per litre, is now being sold at GH¢3.490, while diesel, which was sold at GH¢3.144, is selling at GH¢3.106

The supervisor of the station, Mr Daniel Quaye, told the Daily Graphic that the price of petrol per gallon, which was previously pegged at GH¢15.92, was now GH¢15.71.
The Ghana Oil Company Limited (GOIL) has dropped its prices to levels that could make them the lowest in the industry so far.

At the GOIL fuel station on the Osu Oxford Street, petrol, which was sold at GH¢3.460 per litre, is now selling at GH¢ 3.42, while a litre of diesel, which was sold at GH¢3.070, is selling at GH¢2.98.
Sustain it

The Supervisor of the station, Mr Yooku Adu, told the Daily Graphic that the station currently made good sales as a result of the difference between the prices of fuel at GOIL filling stations and those of the other fuel stations.

The Shell fuel station on the Osu Oxford Street had reduced its petrol price from GH¢3.492 per litre to GH¢3.463, while diesel is currently selling at GH¢3.073, from the previous GH¢3.108 per litre.

However, a private fuel station, Allied Oil, was still maintaining its old price after the 15 per cent reduction on July 15, this year.

At the Allied Oil station on the Legon road, petrol is currently being sold at GH¢3.450, while diesel is selling at GH¢3.065

At the Engen fuel station at Adabraka, petrol, which was previously sold at GH¢3.960 per litre, is being sold at GH¢3.460, while diesel, which was sold at GH¢3.720, is selling at GH¢3.070.

The attendant at the station, Ms Joyce Okai, told the Daily Graphic that the price of petrol per gallon, which was previously pegged at GH¢15.57, was now GH¢13.815.
Meanwhile, at the Glory Oil fuel station at Accra New Town, fuel prices were moderate, compared to what pertained at the other stations.

Petrol, which was sold at GH¢3.992 per litre, is now selling at GH¢3.450, while a litre of diesel, which was sold at GH¢3.772, is selling at GH¢3.060.

The assistant supervisor at the station, Mr Cephas Kamasah, told the Daily Graphic that the station was making good sales, although the difference between the prices at the other stations was lower.
Customers

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.
 
 
Source: Daily Graphic
 
 

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