Fuel prices drop on Day 1 of 2024

So far Star Oil has taken the lead to start selling a litre of petrol at GH¢11.24 from an earlier GH¢12.69 per litre, a litre of diesel for GH¢11.24 from the earlier GH¢11.69.

Other Oil Marketing Companies are expected to follow suit in the coming days.

This will be the second consecutive time fuel prices have been reduced.

The reduction has been attributed to the stability of the cedi despite the festive celebrations.

As of January 1, 2024, the cedi is being bought at GH¢12.00 and being sold at GH¢12.20.

Meanwhile, Ghana’s petroleum downstream regulator has revoked the licenses of 40 Oil Marketing Companies (OMCs) for failing to comply with industry regulations.

In January this year, the regulator, in a statement, announced the revocation of 30 licenses of OMCs.

This means that from January to date, the NPA has revoked an additional 10 licenses.