Some Oil Marketing Companies (OMCs) have commenced a marginal reduction in fuel prices three days into the second pricing window of November.

This will offer some relief to consumers amid fluctuating global market trends for refined petroleum products.

State-owned GOIL, one of the major players in the sector has taken the lead in reducing its petrol price.

The company, which initially maintained prices from the first pricing window of November, has now lowered the price of petrol from GH?14.64 per litre to GH? 14.35 per litre.

However, diesel prices remain unchanged and is selling at GH? 15.45 per litre.

While other OMCs had also maintained their prices into the second pricing window, the latest adjustment signals a potential trend towards reduced fuel costs.

The Chamber of Petroleum Consumers (COPEC) had earlier projected that fuel prices would decline at the start of the second pricing window on November 16.

This prediction was based on reduced petrol prices on the international market while diesel witnessed an increment.

Per data from the energy think tank, petrol prices on the international market reduced from $723.03 per metric tonne to $676.64 per metric tonne while diesel increased from $666.38 per metric tonne to $667.61 per metric tonne.

The cedi in recent times has also witnessed slowed depreciation against the dollar.

As GOIL sets the pace with its price reduction for petrol in particular, market watchers are keen to see how other OMCs respond in the coming days.