Several Oil Marketing Companies (OMCs) in Ghana have significantly lowered the prices of petroleum products at the pumps to start the New Year on a good note for customers. These price reductions take effect today, January 1, 2024.
This marks the second consecutive reduction in fuel prices, providing relief to motorists and businesses alike.
Leading the charge, Star Oil, one of the major players in the industry, has taken the initiative to sell a litre of petrol at ¢11.24, down from the previous ¢12.69 per litre.
In a parallel move, the company has also adjusted the price of diesel to ¢11.24 per litre, a reduction from the earlier ¢11.69.
This move by Star Oil is expected to set a precedent for other major OMCs, prompting them to follow suit by lowering their prices in the coming hours.
Market analysts and consumers alike are keenly observing the extent of the reduction in petroleum product prices. The OMCs attribute this reduction to the stability of the Ghanaian cedi over the past two weeks and the ongoing decrease in the prices of finished petroleum products on the international market.
The overall impact of these price adjustments on the country’s economic landscape remains to be seen, but for now, it stands as a positive start to the year for consumers in Ghana.