Some Oil Marketing Companies (OMCs) have started reducing prices of petroleum products at the pumps, effective November 19, 2024.
Industry giant GOIL has taken the lead by selling a litre of petrol for GH₵15.45. This represents a reduction of GH₵0.29 from the price the company charged two weeks ago.
However, GOIL has kept the price of diesel unchanged, with a litre still selling at GH₵15.45.
Reduction by Other Players
Other OMCs have indicated their intention to review prices as well. However, the exact margin of reduction is yet to be disclosed.
Currently, there are more than 150 OMCs operating in the country. The periodic price review aligns with the two-week adjustment policy for petroleum products at the pumps.
Trends in Prices
Fuel prices in Ghana have been on an upward trajectory since September 2024, primarily due to rising crude oil prices on the international market. However, crude oil prices have recently dropped from the $80-per-barrel range and are now hovering around $72 per barrel.
Cedi’s Impact on Pricing
Industry players, including Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), and energy analyst Dr. Yusif Suleman, have projected that the level of reduction in fuel prices will depend significantly on the performance of the cedi.
Mr. Amoah noted, “If the cedi maintains its favorable outlook, consumers could see a price reduction of about 5% at the pumps.”
The cedi has recorded one of its most extended periods of stability against the US dollar in recent times. This trend has been attributed to improved dollar supply from the Bank of Ghana and a slowdown in demand ahead of the Christmas festivities.
As of November 19, 2024, some commercial banks were selling a dollar at GH₵15.90.
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