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Some Oil Marketing Companies (OMCs) have begun a further reduction in the prices of petroleum products in line with full price deregulation of the sector.

The Ghana Oil Company Limited (GOIL) has dropped its prices to levels that could make it one of the lowest in the industry so far.

A litre of petrol at the various service stations of GOIL will be sold at 3.42 while diesel will be selling at 2.98.

Despite this reduction by GOIL, UBI still has the lowest in the industry when it comes to the price of petrol.

A litre of petrol at UBI is selling at 3.36 slightly lower than that of GOIL.

Sources say there could be a further price reduction in the coming days if the cedis’ appreciation is sustained.

GOIL and UBI have all declared their preparedness to reduce their prices. UBI for instance has indicated that it will further review prices downward on Tuesday.

Full price deregulation of the sector, which begun earlier this month, has brought about some serious competition among the OMCs.

This development if sustained could be beneficial to consumers as it could result in the reduction in the price of goods and services in the coming days.