Consumers are set to pay less for petroleum products following fresh reductions in fuel prices by some Oil Marketing Companies (OMCs), with GOIL and Star Oil leading the latest adjustments for the first pricing window of July.

The reductions mark the second consecutive pricing window in which fuel prices have declined, driven by falling international crude oil prices, the appreciation of the Ghana cedi against the US dollar, and revised price benchmarks by the National Petroleum Authority (NPA).

State-owned GOIL has reduced the price of petrol from GH¢13.87 per litre to GH¢12.79 per litre, representing a 7.8 percent decrease. Diesel has also been reduced from GH¢15.95 per litre to GH¢15.35 per litre, a 3.8 percent drop.

Star Oil has also announced new pump prices, selling petrol at GH¢12.79 per litre, down from GH¢13.39 per litre during the second pricing window of June. The GH¢0.60 reduction represents a 4.5 percent decrease.

Diesel at Star Oil has also been reduced from GH¢15.93 per litre to GH¢14.95 per litre, reflecting a GH¢0.98, or 6.2 percent, reduction.

The company has further lowered the price of Ron 95 marginally from GH¢15.77 per litre to GH¢15.75 per litre.

According to industry players, the latest reductions have been influenced by favourable developments on the global oil market, the continued strength of the Ghana cedi, and the NPA’s downward revision of indicative price floors.

For the first pricing window of July, the NPA has set minimum price floors of GH¢12.79 per litre for petrol, GH¢13.54 per litre for diesel, and GH¢10.11 per kilogram for Liquefied Petroleum Gas (LPG).

More OMCs are expected to announce similar price reductions in the coming days, a development likely to provide further relief to motorists, businesses and households amid the rising cost of living.