More OMCs cut fuel prices

More Oil Marketing Companies (OMCs) are expected to review prices of petroleum products downwards, from this morning (July 18, 2022).

It’s coming after the Bulk Oil Distributors cut the prices of finished petroleum products.

One of the leading market players, Total Energies, has already slashed prices of fuel at the pumps since last week.

GOIL has also cut its fuel prices with petrol going for ¢11.30 and diesel trading at ¢13.63.

The reduction in prices of petroleum products could compel transport operators to delay their agitations for increase in transport fares.

It could also help contain raising cost of living in the country in recent times.

Prices of Petroleum products begun going down from the weekend (July 16th).

Diesel is expected go down by more than 11% per liter, whilst petrol and LPG would fall by 4% per liter and 10% per kilogramme respectively.

Chief Executive of Chamber of Petroleum Consumers, Duncan Amoah, said there is every indication that fuel prices will decline by some 5% between the two products – petrol and diesel.

“We pick every indication that pump prices will decline or go down by some 5% between the two products – petrol and diesel.”

This reduction will come as a huge relief to consumers.

Source: Joy Business