Fuel prices drop by 8%
Some leading Oil Marketing Companies (OMCs) have begun reducing prices of some petroleum products at the pumps.
Market leader, GOIL, has announced more than 8% reduction in fuel prices.
It has slashed the the price of diesel by ¢1.50 to now sell at ¢14.60 per litre.
On the other hand, petrol is going for ¢12.40 per litre, representing a decline of ¢1.
The reduction by GOIL is in line with the fortnight review in prices of petroleum products at the pumps.
TotalEnergies has also announced a price reduction of its products at the pumps.
Other OMCs are also expected to follow suit by adjusting their prices of petroleum products later today.
It is expected that competition will drive the fuel prices down as the companies compete for more customers.
There are currently more than 100 OMCs in the country.
