Oil Marketing Company, GOIL has dropped the prices of some petroleum products at the pumps today, May 16, 2023.
The largest indigenous oil company is selling a litre of petrol at ¢12.30 from the previous price of ¢12.64 pesewas.
Diesel is also selling at ¢12.30, compared to the ¢12.64 price sold on May 1 2023. By this, GOIL has reduced the prices of petrol and diesel by about 34 pesewas.
The reduction, industry players say is as a result of the cedis’ stability and marginal drop in prices of crude oil on the international market.
It is expected that other Oil Marketing Companies will also reduce their prices by close of day today.
Crude oil prices have been hovering around US$75 per barrel in the last fortnight.
As of Tuesday morning, WTI was trading at $71.47 per barrel while Brent tumbled to $75.65 per barrel.
IES predicts a fall in prices
Earlier, the Institute for Energy Security (IES) predicted a drop in prices of petrol, diesel and Liquefied Petroleum Gas (LPG.
“The IES monitoring of prices over the past two weeks on the Global Standard & Poor (S&P) Platts platform indicate the prices of gasoline [petrol], gasoil [diesel], and Liquefied Petroleum Gas (LPG) decreased by 8.40%, 9.98%, and 13.43% respectively. The Ghana cedi also gained 0.17% against the US greenback currency”.
It added “following the drop in prices of petroleum products on the international market, coupled with the strong performance of the Ghana Cedi, domestic prices for all petroleum products are projected to fall”. Gasoil, Gasoline and LPG are expected to sell at ¢12.30, ¢12.15 and ¢12.12 respectively”.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policies of Homebase Television Ltd.
- President Commissions 36.5 Million Dollars Hospital In The Tain District
- You Will Not Go Free For Killing An Hard Working MP – Akufo-Addo To MP’s Killer
- I Will Lead You To Victory – Ato Forson Assures NDC Supporters
Visit Our Social Media for More
About Author
