Fuel prices drop by 8%

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

Market leader, GOIL has announced a reduction in prices by more than 8%.

GOIL has reduced the price of diesel by ₵1.50, selling the product at ₵14.60 per litre.

Petrol on the other hand is selling for ₵12.40 representing ₵1 cedi drop per litre.

The reduction, by GOIL, is in line with the two week review in prices of petroleum products at the pumps.

TotalEnergies has also announced price reduction.

Other oil marketing firms are also expected to adjust prices later today.

Competition is expected to drive the prices down as the companies compete to get more customers.

There are currently more than 100 oil marketing firms in the country.

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Source: myjoyonline.com