Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps.

Industry leader, GOIL, is selling a litre of petrol at ¢12.39 from the previous ¢12.80 this morning December 19, 2023.

Diesel on the other hand is going for ¢12.99 per litre from the old price of ¢13.30.

Many industry players will be looking forward to the margin of reduction that other OMCs will adjust their prices at the pumps.

Industry developments and price reduction outlook

The reduction is coming at a time most OMCs did not review their prices during the last pricing window between November 15, 2023 and November 30, 2023.

This is despite the fact that market indicators signaled some marginal drop in the prices of petroleum products at the pumps.

Some of the OMCs told Joy Business that their decision to keep prices of petroleum products same was due to depreciation of the cedi, which made it difficult to pass on the reduction in prices on the international market to consumers in Ghana.

Some market analysts had also maintained that most of the oil marketing firms have been trying to use the marginal gain to improve their books, following some losses due to spike in prices of petroleum products in the previous months.