Fuel prices could drop to GH¢12 per litre this week – AOMCs CEO
Ghanaians could soon see a significant drop in fuel prices at the pump if the Ghana cedi maintains its recent stability, according to the Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs), Dr. Riverson Oppong.
In an interview, Dr. Oppong projected that petrol prices could fall to as low as GH¢12 per litre during the first pricing window of June, which begins this week.
Petrol prices dropped by 6.7% to 8.8% per litre in the second pricing window of May 2025, bringing the cost down from GH₵14.42 to as low as GH₵13.27 or even less at some outlets.
“Believe me, in the next window, we are even foreseeing petrol selling for GH¢12,” he said. “This forecast could materialise by Thursday if the cedi continues to hold steady.”
He explained that the strengthening of the cedi is playing a crucial role in lowering fuel prices, as it reduces the cost of converting international fuel prices from U.S. dollars to Ghana cedis.
“The cedi is a major factor in the forex calculation. When it’s stable, it significantly impacts pump prices,” he noted.
Dr. Oppong revealed that the industry has already observed a 6% to 10% reduction in fuel prices from May 15 to 30, indicating that the downward trend has begun.
While the anticipated relief is welcome news for consumers, he also pointed out a downside: reduced revenue on the supply side.
“As we celebrate lower prices at the pump, we must also acknowledge that this results in lower revenue upstream,” he explained.
Still, Dr. Oppong remains optimistic that the combination of a strong cedi and stable global oil prices could sustain this positive momentum.
“With international benchmark prices plateauing and the cedi holding firm, we’re hopeful that consumers will continue to benefit from reduced prices,” he added.
His comments come at a time when many Ghanaians are hoping for further relief from high fuel costs, especially after recent improvements in the local currency and softening oil prices globally.
As the new pricing window opens, all eyes will be on whether the projected GH¢12 per litre becomes a reality.