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OMCs implement price adjustments despite International petroleum price declines

  Sat, 18 May 2024
Business & Finance OMCs implement price adjustments despite International petroleum price declines
SAT, 18 MAY 2024 LISTEN

Some Oil Marketing Companies (OMCs) have begun upwardly adjusting prices of petroleum products at the pumps days after the commencement of the second pricing window in May.

A litre of petrol and diesel previously sold at 14.69gh at Shell is now selling at 14.79.

State-owned Goil has also marginally adjusted the cost of a litre of petrol, pricing it at 14.55gh from the previous 14.40gh in the first pricing window of May. A litre of diesel is also selling at 14.70gh from the previous 14.65gh.

Total Energies is maintaining its prices and is currently selling a litre of diesel and petrol at 14.65gh. It is however unclear if more OMCs will upwardly adjust the prices of petroleum products.

Ahead of the second pricing window, market analysts had expressed reservations over a windfall for consumers as average international prices for petroleum products witnessed declines on the world market.

They attributed this to the Cedi depreciation against the US dollar given its significance in the pricing of Petroleum products.

—citinewsroom

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