Fuel prices are expected to decline from today as Oil Marketing Companies begin implementing new prices for the second pricing window of October, offering some relief to consumers.
Petrol prices are projected to fall by close to 2%, while diesel prices are expected to decline by 3.32%, despite recent depreciation of the cedi, which is expected to limit the gains from lower international petroleum product prices.
On a cash-purchase basis, petrol is projected to sell at GH¢17.67 per litre, while diesel is expected to retail at GH¢19.30 per litre.
The expected reductions follow a first pricing window in October during which major oil marketing companies maintained their pump prices, supported by government interventions.
These included agreements by the Sentuo Oil Refinery and the Tema Oil Refinery to maintain the prices at which they supplied petroleum products to Bulk Distribution Companies at levels recorded in the previous pricing window. Government also suspended the GH¢1-per-litre dumsor levy on diesel for October.
The interventions came amid earlier price increases that fuelled concerns that pump prices could reach or exceed GH¢20 per litre.
Under the new pricing window, the minimum price for petrol is set at GH¢16.09 per litre, while diesel has a floor price of GH¢17.09 per litre.
However, actual pump prices may vary across outlets depending on the additional costs and margins applied by individual Oil Marketing Companies
