Some Oil Marketing Companies (OMCs) have cut prices of petroleum products at the pumps, beginning today, January 1, 2024.

This is the second consecutive time fuel prices are going down.

One of the major players, Star Oil, took the lead by selling a liter of petrol at ¢11.24 from the previous price of ¢12.69 per litre.

Similarly, it is also selling a litre of diesel for ¢11.24 from the earlier ¢11.69.

The other major OMCs are also expected to adjust their prices downwards in the coming hours.

However, market watchers will be prioritising the margin of reduction in the prices of petroleum products.

Some of the OMCs had earlier told Joy Business that the reduction had been influenced by the cedi’s stability in the last two weeks and the continued reduction in prices of finished petroleum products on the international market.