Leading Oil Marketing Companies begin to reduce fuel prices

Oil prices on the global market witness some reductions

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.

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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.