Fuel prices in Ghana have seen a slight drop at the start of May, offering a bit of relief to consumers.
Some Oil Marketing Companies (OMCs) have begun adjusting their pump prices downward, reflecting small improvements in conditions within the downstream petroleum market.
For example, GOIL has reduced the price of petrol slightly to GH¢13.25 per litre, down from GH¢13.27 in the previous pricing window.
Diesel saw a more noticeable drop, falling to GH¢15.66 per litre from GH¢16.10. However, GOIL’s premium fuel, Super XP 95, remains unchanged at GH¢15.77 per litre.
Star Oil has made similar adjustments. Petrol is now also selling at GH¢13.25 per litre, while diesel has dropped more significantly to GH¢15.55 per litre from GH¢16.10.
Its RON 95 fuel price has stayed the same at GH¢14.67 per litre.
These changes were expected, as analysts had predicted a modest easing of fuel prices for this period.
The reductions are largely due to slightly lower global oil prices and ongoing efforts by the government and industry players to ease the burden on consumers.
Meanwhile, the National Petroleum Authority (NPA) has also adjusted its price floors.
The minimum price for petrol has been reduced slightly to GH¢13.25 per litre.
Diesel saw a much bigger drop in its price floor, now set at GH¢14.30 per litre, down from GH¢16.10.
On the other hand, LPG prices have gone up sharply. The new price floor is GH¢13.02 per kilogram, compared to GH¢10.79 previously.
The NPA has emphasized that all fuel and LPG marketing companies must follow these minimum price guidelines.
However, it’s important to note that these price floors don’t include additional costs like international trading premiums, transportation, and dealer margins.
These extra charges can vary, which is why pump prices may differ slightly from one station to another.
More fuel companies are expected to review and adjust their prices in the coming days, depending on global oil trends and movements in the exchange rate.
