Pump prices of fuel in Ghana continue to slide in the current pricing window as effects of the Coronavirus continue to bite. Oil Marketing Companies (OMCs) have accordingly adjusted their pump prices. Of the top six OMCs selected, GOIL’s prices are lowest, while Shell and Engen are highest still above GHS5 per litre.
Other smaller OMCs, the likes of Goodness, Infin, Frimps and Unity are pricing both petrol and diesel below GHS5. COPEC, CUTS and other oil-related bodies have called for further reductions of fuel pump prices in Ghana due to the slumping world prices. Brent crude currently sells as USD$30.78 while the OPEC Basket crude sells at USD$28.57 all showing marginal increases of 4-5%.
This is expected to hit OMCs hard as margins have been dwindled significantly and sales are also down due to limited movements. A fuel station owner disclosed how the current reductions has resulted in a loss of about GHS15,000 on his current stock.