Several Oil Marketing Companies (OMCs) have begun reducing their petroleum product prices at the pumps starting from September 16, 2024.
Market leader GOIL is now selling a litre of petrol for GH₵14.49, down from GH₵14.70.
Diesel prices have also decreased to GH₵14.49 per litre, a drop from the previous price of GH₵14.70 set on September 2, 2024.
This reduction marks one of the most significant decreases in petrol prices in recent times.
Star Oil Ghana is now selling petrol at GH₵12.55 per litre, a 7.9% decrease from the previous price.
Diesel prices have also been reduced to GH₵13.27 per litre, marking a 4.18% decline with a 58 pesewas reduction from the previous rate.
Additionally, Star Oil is offering petrol at GH₵12.31 and diesel at GH₵12.99 at select stations to attract more customers.
These adjustments are in accordance with the pricing guidelines set by the National Petroleum Authority.
Industry experts attribute the recent reduction in petroleum prices to the decline in crude oil prices on the international market over the past two weeks.
Crude oil prices have dropped from approximately $81 per barrel earlier this month to $71 per barrel as of September 16, 2024.
Additionally, the marginal stability of the Ghanaian cedi has played a significant role. Over the past two weeks, the cedi has remained relatively stable against the US dollar.
Commercial banks are currently selling the dollar for around GH₵15.80, while Forex bureaus are offering it at GH₵16.50.
According to Data Bank’s market update on September 13, 2024, the cedi has appreciated by GH₵0.49 against the dollar.
Dr. Riverson Oppong, Chief Executive of the Association of Oil Marketing Companies, forecasts further reductions in fuel prices if the cedi’s stability continues.
Meanwhile, Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers, has emphasized the need for the government to review taxes on the price structure of petroleum products.