The coronavirus pandemic is wreaking havoc to every facets of the global economy as many economies are reporting of loses.
Prices of many commodities have gone down drastically as a result of this and fuel, which is one the most essential commodities in the world, has not been left untouched, as oil prices in the international market continue to drop.
The Oil Marketing Companies (OMCs) have reduced their ex-pump prices in the recent pricing window for this year, albeit not as much as expected by consumers. Hence the price of a litre of fuel has reduced.
The Ghana Talks Business team visited some OMCs in the capital and has come through with the following report on how much a litre of fuel is selling currently in the country.
Below are the latest fuel prices at six major fuel stations in the Ghana.
Also, other OMCs are selling within the price range of the top six brands in the country.
An emerging OMC like Radiance, for instance, is selling a litre of Petrol at GH₵5,030 and Diesel at GH₵5,050.
Buying fuel, and why the brand matters
What informs the decisions for drivers to stick to a particular brand of fuel from an Oil Marketing Company (OMC)? Brand loyalty makes customers patronize fuel from preferred choices as compared to others with relatively low prices?
There are several factors that account for every driver’s decision to stay glued to a particular pump for years.
The Executive Secretary of the Chamber of Petroleum Consumers Ghana, Duncan Amoah, in an interview recently explained that there are a number of factors which inform the decision of a driver to choose one OMC over the others even if their prices are on the high.
Enumerating the factors that account for the ‘addiction’ Duncan Amoah said Perception plays a key role, if an individual perceives an OMC to be selling good quality fuel, they see no reason buying from other OMCs.
Loyalty is also another factor, if a driver keeps buying from an OMC for a long period and still has his engine in good shape, they turn to stick to that particular brand.
Quality of service and quality of product has kept several drivers to some top brands in the Petroleum sector.
It is the case that top OMCs, like Goil, Total and Shell, mix their fuel with additives to enhance the quality of fuel and hence the performance of engines.
Those additives enhance the quality of fuel which consumers prefer as it helps them to save money on fuel and prolong their engines.