The price of petrol has dropped to around GH¢9.97–GH¢9.99 per litre at various pumps nationwide, marking the first time in nearly a decade petrol has dropped below GH¢10 in some locations.
Diesel prices have also reduced at many outlets, reducing to GH¢10.97–GH¢11.21 per litre in places where adjustments have been applied.
These lower prices currently does not apply across all stations nationwide, the switch to the single-digit price has yet to take place at selected stations.
Analysts attribute the reductions to appreciation of the Ghana cedi, lower in international petroleum product prices and competition among oil marketing companies.
These factors have helped margins and allowed some oil marketing companies (OMCs) to pass savings to consumers.
The price drop is expected to help reduce transport costs and ease the everyday cost of living. There are renewed calls from consumer groups for transport operators to lower fares in line with lower fuel costs.
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