Leading Oil Marketing Companies (OMCs), GOIL and TotalEnergies, are now selling petrol at \u00a210.95 per liter, lower than the \u00a211.45 per liter sold at the beginning of September 2022.<\/p>\n\n\n\n
This is about 4% lower than the previous price.<\/p>\n\n\n\n
However, the two OMCs maintained the price of diesel at \u00a214.50.<\/p>\n\n\n\n
The reduction in the price of petrol was as a result of the fall in the price of Brent crude during the review period in which the commodity sold a little above \u00a290 per barrel.<\/p>\n\n\n\n
But for the depreciation of the cedi during the period, the price reduction of the petroleum products would have been more.<\/p>\n\n\n\n
Joy Business understands that some of the OMCs have begun slashing their prices to conform to industry trend.<\/p>\n\n\n\n
The Institute for Energy Security (IES) had earlier said that the depreciation of the cedi may thwart the expected fall in prices of petrol and Liquefied Petroleum Gas (LPG).<\/p>\n\n\n\n
According to the institute, even though the prices of petrol and LPG also dipped on the international market, the 3.58% depreciation of the cedi may thwart any expected fall in the price of the two product at the local pumps.<\/p>\n\n\n\n
It said consumers may rather be forced to buy petrol and LPG at a higher value over the current prices for the rest of September 2022, on account of the cedi fall against the greenback.<\/p>\n\n\n\n