OMCs cut fuel prices
Some major Oil Marketing Companies (OMCs) have initiated a downward adjustment in petroleum product prices effective January 1, 2024.
This development marks the second consecutive reduction in fuel costs, revealing a compelling narrative shaped by both local and global influences.
Leading the downward adjustment in petroleum product prices is Star Oil, the company has slashed its petrol rates from ¢12.69 to a competitive ¢11.24 per litre.
A parallel reduction is witnessed in diesel prices, which now stand at ¢11.24, down from the prior ¢11.69 per litre benchmark.
Market analysts expect other OMCs to recalibrate their pricing structures in tandem with Star Oil’s reduced prices for diesel and petrol.
OMCs have cited two pivotal factors for the reduction in pump prices. First, the commendable stability exhibited by the cedi over recent weeks has fortified market conditions, enabling companies to reevaluate and adjust their pricing strategies.
Second, is the consistent reductions observed in the prices of finished petroleum products on international platforms.
