Private and commercial vehicle owners should be ready for either an increase or decrease in the prices of petroleum products at the pumps.
This is after indicative prices released by the Chamber of Bulk oil distribution companies showed prices were expected to increase by some 30 pesewas effective today.
But Citi Business news has learnt Ghana Oil company (Goil) has rather reduced the price of petrol by 11 pesewas thus from 3 cedis 42 pesewas to 3 cedis 31 pesewas.
Goil has also reduced the price of Diesel by some 89 pesewas thus from 2 cedis 98 pesewas to 2 cedis 8.95 pesewas.
According to available data from the chamber of bulk oil distribution companies the highest price any OMC can sell petrol is 3 cedis 72.5 pesewas while the least on the market should be 3 cedis 40.43 pesewas.
The highest price any OMC can sell diesel is also 3 cedis 31.49 pesewas while the least 3 cedis 2.77 pesewas.
However some OMCs have dismissed the indicative prices released by the chamber of BDCs, insisting they should be allowed to operate independently.
Any increase in the prices of petroleum products would be largely due to the performance of the cedi against the dollar.
This is despite Crude prices showing signs of stabilizing after dropping significantly in July, with a barrel of crude this morning selling at 58.03 dollars per barrel.
On the interbank foreign exchange market the US dollar last week Friday went up by a pesewa and was selling at 3 cedis 46 pesewas.
This represents a 21 pesewa slide for the cedi against the dollar since July 16, the last time prices of the products were revised downwards.
The US Dollar was selling 3 cedis, 25 pesewas on July 16 after an impressive run of gains not only against the dollar but other major currencies.
The OMCs have observed the current performance of the cedi as unpredictable and has led to a wait and see attitude on the part of the OMCs.
According to Citi business news checks the OMCs are seeking to avoid recording heavy forex losses and are monitoring the trend in the currency market.
The Oil marketing companies were heavily criticized during the last review because analysis by civil society groups showed the price reduction was not good enough.
Some OMCs had to subsequently reduce their prices after they originally sanctioned a 9 – 15% drop in the price of petrol and a 16- 20% drop in the price diesel.
The Chamber of Bulk Oil Distributors had indicated that there should have been at least a 25% drop in the prices of fuel products.
