In the latest pricing window of December 2023, some Oil Marketing Companies have begun to reduce prices of petroleum products across various pumps in the country.
According to a Joy Business report, state-owned GOIL is now selling a litre of petrol at GH¢12.39 from the previous price of GH¢12.80 earlier sold for a litre.
For the price of diesel, the OMC is selling the commodity at GH¢12.99 per litre from the previous price of GH¢13.30 per litre.
The reduction in the price of petroleum by some OMCs comes during a period where many did not review their prices in the last pricing window between November 15, 2023 to November 30, 2023.
They attributed the decision to the depreciation of the local currency - making it difficult for them to review prices downwards for consumers despite a drop in global crude oil prices on the international market.
Meanwhile, key players in the oil industry and consumers will be looking forward to the margin of reduction on the part of other OMCs should they adjust their prices of petroleum products at the pumps.
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File photo of fuel pump