Fuel prices at the pumps across the country have seen a slump on Monday, January 2.
The prices reduced at the last review ahead of the Christmas festivities.
Just two days into the New Year, major oil marketing companies (OMCs) have reduced their prices.
Goil, for example, reduced its prices at the pumps Monday morning.
From GH¢13.40, petrol dropped to GH¢12.40 while Diesel dropped to GH¢14.60 from GH¢15.85.
Meanwhile...........
The Chamber of Petroleum Consumers (COPEC) has predicted that prices of petrol and diesel are expected to surge by 3.7% and 2.5% respectively.
In nominal terms, COPEC said, ex-pump prices of petrol and diesel are expected to increase by 24 pesewas and 17 pesewas respectively.
“The average surge for both products in nominal terms is 20 pesewas representing 3.1%. Some Oil Marketing Companies (OMCs) could increase their prices less than the 20 pesewas increase due to competition,” a statement issued by COPEC indicated on Monday January 3.
It added “Brent crude plunged by 10.7% to $73.45/barrel on the 26th November, 2021 and the OPEC Reference Basket (O P B) plunged by 6.9% to $76.09/barrel on the same date. The O P B further tumbled to $70.07/barrel on 2nd December, 2021. The plummeting crude oil prices was due to the new Omicron Variant new COVID-19 Omicron (B. 1.1.529) variant which restricted mobility in some countries, and the expectation of gradual increment of oil production by Organisation of Petroleum Exporting Countries (OPEC) +.
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