Some select Oil Marketing Companies (OMCs) have initiated a reduction in the prices of petroleum products at fuel stations, effective today, January 1, 2024.

This move is expected to bring relief to consumers at the start of the year, reflecting adjustments in fuel costs by the participating OMCs.

Marking a noteworthy trend, fuel prices have now decreased for the second consecutive time, signaling a positive trajectory in the cost of petroleum products. This reduction comes as welcome news for consumers, pointing to a potential trend of improved affordability in the fuel market.

One of the major players, Star Oil, took the lead by selling a liter of petrol at GHS11.24 from the previous price of GHS12.69 per litre.

Similarly, it is also selling a litre of diesel for GHS11.24 from the earlier GHS11.69.

The other major OMCs are also expected to adjust their prices downwards in the coming hours.

However, market watchers will be prioritising the margin of reduction in the prices of petroleum products.

Some of the OMCs had earlier told Joy Business that the reduction had been influenced by the cedi’s stability in the last two weeks and the continued reduction in prices of finished petroleum products on the international market.