Prices of some petroleum products are expected to drop by about 2 percent this week.

Checks with players within the petroleum industry following developments on the global market, point to the possibility of a second reduction in a week.

Consumers should be buying a litre of petrol for 4 cedis 75 pesewas at the pumps.

This means a gallon of petrol could be sold to you at 21 cedis 38 pesewas, down from the 21 cedis 83 pesewas.

This development is because the price of petrol is reducing on the global market as supply has outstripped demand.

But it is likely the price of diesel could remain unchanged or if any drop, it will be quite insignificant.

This is because the price of diesel on the global market has seen little or no drop as demand is high compared to supply.

Currently a litre of the product could be sold to you at 4 cedis 85 pesewas or 21 cedis 83 pesewas per gallon.

The first reduction earlier this month led to 4 pesewas drop in the prices of petroleum products by the Oil Marketing Companies.

For now, it is unclear whether the same effect will happen considering the fact that the deregulated market affects the OMCs differently, regarding pricing.

Source: 3news.com