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GOIL cuts fuel prices by 14 pesewas, now selling at GHC6.85 per litre

GOIL to drop prices at the pump

The national oil marketing company GOIL has slashed fuel prices by 14 pesewas for both petrol and diesel.

Checks at the various pump stations show GOIL’s Super XP Ron 95 and diesel are selling at GHC6.85 per litre. 

The price change has been announced despite an earlier projection by the Institute for Energy Studies (IES) that fuel prices will hit the GHC7 mark by the end of this year.

The reduction will come as a relief to consumers, given recent rampant increases in fuel prices. However, some OMCs are already selling their petrol and diesel at roughly GHC6.93 a litre.

Robert Kyere, the public relations officer for GOIL, said “the significant reduction beginning this morning (23 November 2021) is a sacrificial reduction of margins to cushion Ghanaians”.

Global prices soaring

Earlier this month some of the oil marketing companies (OMCs) raised their charges for fuel at the pump to GHC6.90 for a litre of diesel or petrol.

The upward adjustment followed rising crude oil prices on the international market.

Members of the Ghana Private Road Transport Union (GPRTU) will, from today (Tuesday 23 November 2021), start wearing red armbands as a sign of protest to alert the government of their intention to go on strike, starting Monday 29 November.

The head of communications for the GPRTU, Abass Imoro, says the drivers’ and transport owners’ action is intended to compel the government to reduce the price of a litre of fuel by GHC1.50.

Nicholas Brown

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