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Some Oil Marketing Companies (OMCs) have begun adjusting prices downward at the pumps following the commencement of the second pricing window of February.
Total Energies has already taken the lead, reducing the price of both petrol and diesel to GH¢15.99 per litre, down from GH¢16.15 in the first pricing window of the month.
Notably, the OMC had maintained its price at GH¢16.15 while other OMCs increased theirs in the first pricing window of February.
Shell has also reduced the price of diesel to GHȼ15.99 per litre, down from GHȼ16.09 in the first pricing window of February. The price of petrol has also dropped from GHȼ 16.23 to GHȼ15.89 per litre in the second pricing window of the month.
The new development marks the first decline in fuel prices this year after three consecutive increases since January.
Industry analysts attribute the reduction to a decline in crude oil prices on the international market, alongside other market dynamics influencing local pricing.
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