Consumers are set to enjoy some respite at the pumps from today as Oil Marketing Companies (OMCs) commence implementation of revised prices for the second pricing window of October, signaling a marginal downward adjustment in fuel costs.

Industry projections indicate that petrol prices will decline by nearly 2%, while diesel is expected to record a more pronounced reduction of 3.32%, despite the recent depreciation of the cedi which is anticipated to moderate gains from falling international petroleum product prices.

On a cash-purchase basis, petrol is projected to retail at GH¢17.67 per litre, while diesel is expected to sell at GH¢19.30 per litre.

The anticipated reductions follow a first pricing window in October during which major OMCs maintained pump prices, a stability underpinned by decisive government interventions.

These interventions included strategic agreements by the Sentuo Oil Refinery and the Tema Oil Refinery to sustain supply prices to Bulk Distribution Companies (BDCs) at levels recorded in the previous pricing window. Government also suspended the GH¢1-per-litre dumsor levy on diesel for the month of October.

The measures were introduced amid earlier price escalations that had stoked fears that pump prices could surge to or surpass GH¢20 per litre.

Under the new pricing window, the minimum price for petrol has been pegged at GH¢16.09 per litre, while diesel has a floor price of GH¢17.09 per litre.

However, actual pump prices may vary across retail outlets depending on additional operational costs and margins applied by individual Oil Marketing Companies.