Oil Marketing Companies (OMCs) have begun reducing pump fuel prices, starting November 19, 2024.
Industry giant GOIL has taken the lead, lowering the petrol price to GH₵15.45 per litre from GH₵15.74, a GH₵0.29 reduction for the next two weeks.
Diesel prices, however, remain unchanged at GH₵15.45 per litre.
Other OMCs have indicated plans to review their prices soon, but the extent of these reductions remains unclear. These adjustments are part of the regular two-week review cycle for petroleum products.
Fuel prices in Ghana have been rising since September 2024, driven by global crude oil price hikes.
However, crude oil prices have recently dropped from around $80 per barrel to $72 per barrel, providing room for price cuts locally.
According to Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), and energy analyst Dr. Yusif Suleman, the scale of fuel price reductions in the coming weeks will depend on the cedi’s stability.
If the cedi continues its strong performance against the US dollar, consumers could see price drops of up to 5%.
The cedi has recently posted a sustained rally against the dollar, attributed to increased dollar supply by the Bank of Ghana and reduced demand as Christmas approaches.
On November 19, 2024, commercial banks sold the dollar at approximately GH₵15.90.
This development offers consumers some relief after months of consistent price increases at the pumps.