Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps.
A Market leader, GOIL, is selling a litre of petrol at ¢12.39 from the previous ¢12.80 today December 19, 2023.
Diesel on the other hand is going for ¢12.99 per litre from the old price of ¢13.30.
Industry players will be looking forward to the margin of reduction, and other OMCs will adjust their prices at the pumps.
The reduction is coming at a time when most OMCs did not review their prices during the last pricing window between November 15, 2023 and November 30, 2023.
This is even though market indicators signalled some marginal drop in the prices of petroleum products at the pumps.
Some OMCs said that their decision to keep the prices of petroleum products the same was due to the depreciation of the cedi, which made it difficult to pass on the reduction in prices on the international market to consumers in Ghana.