Leading oil marketing companies Goil and Shell have reduced prices of petrol and diesel at the pump yesterday, December 19.
According to separate notices issued by the two companies, the price of petrol has been reduced from GH¢12.80 to GH¢12.39 per litre, while diesel now sells at GH¢12.99 instead of GH¢13.30 per litre.
The price cuts come on the back of declining international prices in recent weeks, according to the Institute of Energy Security (IES).
In a statement, IES said benchmarks tracked by S&P Global Platts showed petrol and diesel prices on the world market fell by 2.8% and 4.84% respectively over the past week to $767.20 and $810.70 per metric tonne.
As a result, IES projected a 2-4% reduction in domestic fuel costs. Goil and Shell seem to have passed on some of these savings to consumers through the price adjustments announced.
The 41 and 31 pesewas decrease per liter for both petrol and diesel respectively offers some relief for drivers and businesses contending with high transportation and operational costs.
However, IES warned that LPG prices could rise locally by 5% due to the cedi's depreciation against the dollar over the period, despite lower international rates for the commodity.
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