Major OMCs reduce fuel prices

Some major Oil Marketing Companies (OMCs) have reduced their prices by 4 pesewas within the first pricing window of June.

The prices of petroleum products went up by some three percent from the beginning of this month.

A litre each of diesel and petrol was selling for 4 cedis 89 pesewas.

But currently, at Goil, Shell and Total, a litre each of petrol and diesel could be sold to you at 4 cedis 85 pesewas.

This translates into a drop in a gallon of petrol and diesel from 18 cedis 50 pesewas to 18 cedis 36 pesewas.

The Institute of Energy Security (IES) attributed the increase to the rise in the global prices as well as the marginal depreciation of the cedi.

For now, it is unclear why the OMCs have decided to reduce their prices.