Fuel prices have dropped by a little over 3% as GOIL, Shell and Total Energies have effected price changes at their respective pumps.
This means petrol price will be going for a little above ¢10.60, while diesel will sell above a little above ¢13.
The move by the leading Oil Marketing Companies (OMCs) will influence the others to follow suit.
The National Petroleum Authority (NPA) had already anticipated a drop in fuel prices.
Head of Economic Regulation at the National Petroleum Authority, Abass Ibrahim Tasunti, said the NPA is expecting further fuel price reductions at the pumps from yesterday, August 1st, 2022, following the reduction in prices of petrol and diesel on the world market.
Ahead of the review of the prices of petroleum products, the Chamber for Petroleum Consumers (COPEC) said prices of petroleum products may go down between 3% and 6% from August 1st, 2022.
Accordingly, it said, the expected reduction would have been bigger if not for the depreciation of the cedi against the U.S dollar.
The drop in fuel prices will be the second consecutive time since oil prices started falling on the world market.
