A decline in fuel prices is underway as Oil Marketing Companies (OMCs) respond to favorable market conditions. Star Oil has initiated the adjustment, reducing petrol prices by 2.01% and diesel prices by 3.17%.
The price reductions align with projections by the Institute for Energy Security (IES), which anticipated a 2-4% decrease in fuel prices due to a slowdown in the Ghana cedi’s depreciation and a drop in Brent crude futures.
The IES analysis revealed a 2.99% decrease in petrol prices, a 4.59% decline in diesel prices, and a 1.10% decrease in LPG prices during the second half of July. These reductions were attributed to a combination of favorable foreign fuel market conditions and a stabilized domestic currency.
While the second pricing window for July saw an increase in fuel prices, the subsequent decline reflects the dynamic nature of the fuel market and the impact of global factors on local prices.
As more OMCs are expected to adjust their prices in the coming days, consumers can anticipate further relief at the pump.
