It is the hope that the over 150 Oil Marketing Companies (OMCs) will pass on these reductions to consumers beginning this weekend.
Prices of petroleum products shot up by about 11% on June 16, 2022.
Petrol is currently being sold on the market for about ¢11 per litre, whereas diesel is going for ¢13 plus per litre.
Oil prices fell on Wednesday, taking a break after gaining for three sessions, as concerns about the global economy weighed while tight supply curbed losses.
Brent crude futures for August dropped 98 cents, or 0.8%, to US$117.00 a barrel by 0647 GMT. The August contract will expire on Thursday and the more-active September contract was at US$113.03, down 77 cents, or 0.7%.
U.S. West Texas Intermediate (WTI) crude futures slid 62 cents, or 0.6%, to US$111.14 a barrel.
Meanwhile, the cedi assumed relative stability after speculation that government might consider a programme from the International Monetary Fund.