Following the lift of taxes from some petroleum products, leading players in the oil marketing sector have reduced prices at the pumps.
It was gathered that in less than a week, OMCs like Total, Shell, Allied Oil and GOIL have consistently dropped their prices beginning last week (16th March) in accordance with the statutory two weeks price review and again yesterday (Monday) as a result of the reduction from 17.5 to 15% of excise duty and special tax rate on petroleum.
A source has it that a litre of Super goes for GH4.18 and Diesel GHC4.17 at Goil while selling at GH4.18 and GH4.17 respectively at Shell.
On the parallel, Super at Total Ghana goes for GH4.18 and Diesel at GH4.15. Furthermore, Allied Oil sales Super for GH4.18Â for a litre and Diesel - GH4.17.
Analyst claim that these OMCs with a combined market share of about 88%, may influence other smaller players in the sector to also cut their prices.
However, with an anticipated fall in crude oil prices on the international front, a stabilized cedi against the dollar in the next couple of weeks, pump prices should drop even further by March ending: a development which will reduce operational cost for businesses in the country as well as those of individuals who spend comparatively higher for the petroleum products.
More so, it will mitigate the possible general raise in transport fares by the Ghana Private Road Transport Union (GPRTU) by the end of March and also influence any review in utility tariffs in the near future.Â