From this morning, more Oil Marketing Companies (OMCs) are anticipated to revise petroleum product pricing lower (July 18, 2022).
It comes after the final petroleum products’ prices were reduced by the bulk oil distributors.
Total Energies, one of the major market players, has already reduced fuel prices at the pump since last week.
Additionally, GOIL has reduced the cost of fuel, with gasoline now selling for 11.30 and diesel now costing 13.63.
The decline in petroleum product prices may force transportation companies to postpone their calls for an increase in transportation costs.
Additionally, it might contribute to lowering the nation’s recent rise in living expenses.
Prices for petroleum items started declining over the weekend (July 16th).
Transportation companies may be forced to delay their requests for an increase in transportation expenses due to the drop in the price of petroleum products.
It might also help to slow the current surge in living costs across the country.
Over the weekend, petroleum-related price declines began (July 16th).
Consumers will feel a great deal of relief from this reduction.