Some Oil Marketing Companies (OMCs) have cut prices of petroleum products at the pumps, beginning January 1, 2024.
This is the second consecutive time fuel prices have gone down in two weeks.
In the second pricing window of December 2023, fuel prices went down by 2%.
Some OMCs attributed the reduction to the cedi’s stability and the continued price reduction of finished petroleum products on the international market.
One of the major players, Star Oil, took the lead by selling a litre of petrol at ¢11.24 from the previous price of ¢12.69 per litre.
Similarly, it sells a litre of diesel for ¢11.24 from the earlier ¢11.69.
The other major OMCs are also expected to adjust their prices downwards in the coming hours.
However, market watchers will be prioritising the margin of reduction in the prices of petroleum products.