Oil Marketing Companies (OMC) have reduced the retail prices of petroleum products at the Mid-October review period pegging Super between GH¢2.859 and GH¢2.820 whilst the prices of diesel is fixed between GH¢2.769 and GH¢2.720.
Engen Ghana Limited has pegged the price at GH¢2.820 per litre for Super and GH¢2.730 per litre for Diesel; Champion Oil, and AP Oil have all pegged the price at GH¢2.820 per litre for Super and GH¢2.720 per litre for diesel.
A Ghana News Agency team monitoring the fortnight price review in accordance with the petroleum deregulation regime observed that Total Ghana is also selling at GH¢2.838 per litre for Super and GH¢2.739 per litre for diesel.
Other Oil Marketing Companies EV Oil Company Limited, Benab Oil Company Limited, Shell Ghana Limited, Star Oil Company Limited, Allied Oil Company Limited, So Energy Ghana Limited, UBI Petroleum Ghana Limited, and Universal Oil Company Limited are all quoting very competitive prices for the products.
The prices review of petroleum products is in conformity with the de-regulation of petroleum products, which took effect from June 16.
The reduction was attributed to the marginal stabilisation of the local currency, the cedi, to other major currencies and the world crude oil price during the sixth de-regulated pricing regime for the period.
The government has decided to wash its hands off the pricing of petroleum products.
This means that the Bulk Oil Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) will price their own products.
The strategy, which is the final phase of Ghana’s petroleum downstream deregulation policy, will result in the cessation of subsidies on fuel products.