The cost of fuel at the pumps has started to drop following the biweekly review of petroleum product prices.
The leading indigenous oil company, GOIL, has reduced the prices of petrol and diesel at the pumps today, May 16, 2023. A litre of petrol now costs GH¢12.30, down from GH¢12.64. Diesel also costs GH¢12.30 per litre, a decrease from GH¢12.64 on May 1 2023.
This means that GOIL has cut the prices of petrol and diesel by about 34 pesewas each. Other Oil Marketing Companies are expected to join GOIL in lowering their prices of petroleum products by the end of today, May 16, 2023.
The drop in fuel prices is due to the fall in finished petroleum products on the global market and the stability of the cedi.