Leading Oil Marketing Companies begin to reduce fuel prices

Leading OMCs in Ghana began to cut down prices

New COVID-19 variants could derail oil demand and supply

Some leading Oil Marketing Companies (OMCs) in Ghana have begun to reduce the prices of petroleum products, checks by GhanaWeb Business have revealed.

The development comes after international crude oil prices have started to witness some reduction in recent weeks.

Already, stated-owned oil marketing company, GOIL has effective December 17 reduced its selling price for petrol and diesel from GH¢6.70p to GH¢6.60p respectively at various pumps.

Another OMC, Total has also cut down its price for petrol and diesel from GH¢6.80p to GH¢6.65p while Allied Oil has recently reduced its price for petrol and diesel from GH¢6.70 to GH¢6.58p, representing almost two percentage points drop.

While the move could be beneficial to consumers of the petroleum products in Ghana, the emergence of the new COVID-19 variant, Omicron and its fast-paced spread across Europe and Africa could derail demand and supply of oil and gas.

Back home, GhanaWeb Business understands that a large number of oil marketing companies are expected to adjust their prices of petroleum products as early as Friday December 17, 2021. A move that could cushion consumers of petroleum products and reduce the cost of living.