This is because the Bulk Oil Distribution Companies are feverishly preparing their profitability statement with the anticipation of a fall in petroleum prices.
“Per the 3.60% decrease in the price of the International Benchmark- Brent crude together with the 7.20% decrease in Gasoline price, the 4.55% decrease in Gasoil price, the Institute for Energy Security projects a downward adjustment in the price of fuel per litre at the various pumps despite the marginal depreciation of the cedi by 0.33%”, it said in a statement.
Already, some leading Oil Marketing Companies (OMCs) have been reducing fuel prices with Total cutting fuel prices this morning.
A report by Joy Business indicates that Total has dropped its prices by more than 2% per litre. This means diesel is now selling at 6.80 per litre, from the previous 6.96.
Petrol on the other hand is going for 6.80, compared with the earlier price of 6.99.
The reduction is in line with the two-week review of petroleum prices, which has been influenced by the current decline in crude oil prices on the world market.