Fuel prices have dropped at the pump on effective Monday, January 2nd 2022.
The prices were reduced at the last review ahead of the Christmas festivities.
However, just two days into the New Year, the Oil Marketing Companies (OMCs) have reduced their prices.
Goil announced new prices on Monday, January 2nd.
Petrol dropped from Ghc 13,40 to Ghc 12.40 whilst Diesel dropped from Gh 15.85 to Ghc 14,60.
NEW FUEL PRICES EFFECTIVE MONDAY 2ND JANUARY, 2023 .
SUPER XP RON95 – GHC 12.40
DIESEL XP – GHC 14.60 pic.twitter.com/YRfwMiwnVw
— GOIL (@GOIL_Official) January 2, 2023
COPEC Predicts Fuel Price Drop
The new lower fuel prices follow a prediction by the Chamber of Petroleum Consumers-Ghana (COPEC).
According to the Chamber, petrol is expected to be sold at a minimum price of GH¢9.30 per litre while diesel is expected to be sold between GH¢12.80 and GH¢15 per litre at various pumps.
This will be a decline of about 15 percent and 8 percent respectively in petrol and diesel prices depending on the oil marketing company.
Speaking to Citi News, the head of research at COPEC, Benjamin Nsiah, noted that, a decrease in the global prices of oil products and the recent stabilization of the cedi is responsible for the expected marginal drop.
“Petroleum users, basically motorists and other industrial users should expect a price decline of petrol of about 15 percent and that of diesel of about 18 percent. in the first pricing window of January which begins on January 1. Diesel is expected to be sold at a maximum price of GH¢14.60 per litre.”
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