Major Oil Marketing Companies (OMCs) have started lowering the prices of certain petroleum products at the pump.
This follows an improvement in the value of the Ghana cedi to the dollar and a slight reduction in crude oil prices on the world market last December 2022.
Market leader GOIL, has announced a reduction in prices by more than 8%. GOIL has reduced the cost of diesel by ₵1.50, selling the product at ₵14.60 per litre whiles Petrol on the other hand is selling for ₵12.40 representing ₵1 cedi drop per litre.
The reduction, by GOIL, is in line with the two-week review in prices of petroleum products at the pumps.
The Institute for Energy Security predicted a 5.28% and 5.09% fall in prices of petrol and Liquefied Petroleum Gas respectively and a 26.51% appreciation of the cedi against the US dollar in the second pricing window of December 2022.
Total Energies has also announced a price reduction.
Other oil marketing firms are also expected to adjust prices later today.
Competition is expected to drive the prices down as the companies compete to get more customers.