Several Oil Marketing Companies (OMCs) have begun lowering petroleum prices at the pumps.
Market leader GOIL is now offering a litre of petrol at ₵14.22, which reflects a 1.38 percent decrease from the price two weeks ago.
The price of diesel has also decreased, now at ₵14.90 per litre, down by ₵0.90.
Consumers are eagerly anticipating further reductions in prices from the over 100 OMCs.
Reasons for the Price Reviews
According to some market analysts who spoke to JOYBUSINESS, the recent price reductions may be attributed to the cedi’s ongoing recovery over the past few months.
The cedi’s depreciation rate against the dollar has eased from 7 percent in May to just 1 percent in July, and the decline has slowed further in the first two weeks of August.
These changes are believed to be significant factors in the recent adjustments in pump prices.
Analysts suggest that if this trend continues, there could be additional price decreases in the upcoming pricing window.
Additionally, crude oil prices have remained relatively stable on the international market despite geopolitical tensions in the Middle East.