Some major Oil Marketing Companies (OMCs) have begun reducing the prices of some petroleum products at the pumps. Market leader, GOIL, has announced a reduction in prices by more than 8%. GOIL has reduced the price of diesel by ¢1.50, selling the product at ¢14.60 per litre.
Petrol on the other hand is selling for ¢12.40, representing ¢ 1 drop per litre. The reduction, by GOIL, is in line with the two-week review in prices of petroleum products at the pumps. TotalEnergies has also announced price reduction at the pumps
Other OMCs are also expected to adjust prices later today. Competition is expected to drive the prices down as the companies compete to get more customers. There are currently more than 100 OMCs in the country.
Source: Joy Business
