The Chamber of Petroleum Consumers has announced that prices of fuel have reduced by between 1 and 4.23%.

This was contained in a statement issued by the Chamber. The statement which was signed by the Executive Secretary of the Chamber Duncan Amoah mentioned that price per litre has dropped to an average of GHC3.680.

“Most oil marketing companies began the current pricing window with prices per litre averaging some GHS3.680, though others had much higher prices at the pumps. The steady drop of world oil prices, which currently averages $44/litre from previous levels of around $46.35/litre, is believed to be largely responsible for the current marginal reductions across most pumps in the country.”

The statement further mentioned the fuel stations and the prices as which they are selling.

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“So Energy is currently dispensing the lowest prices on the market at 3.55/litre of PMS (petrol) followed keenly by Radiance Oil with 3.560/litre. Petrosol, which saw one of the biggest reductions, moved from a previous 3.745/litre to 3.599, same as Shell and Total, who currently are trading at 3.599 and 3.598, respectively. Engen Oil was previously at 3.680 for PMS and 3.670 for AGO but currently trading at 3.590 for PMS and 3.590 for AGO."

“Goil maintained its pump prices when markets moved up from 3.630 to 3.750/litre previously and has currently reduced further down to 3.599, representing about 0.85399%. Pump prices at current levels are expected to remain largely unchanged in the first pricing window of the month of December.”

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The prices of petroleum products were reduced considerably across pump stations in the country about a week ago (November 20).

The reduction had come off the back of predictions by the flagbearer of the New Patriotic Party, Nana Akufo-Addo, and the Institute for Energy Security (IES).

Nana Akufo-Addo had said the government will reduce petrol price in a "desperate" move to win votes.