Consumers of petroleum products are set to enjoy lower fuel costs as oil marketing companies (OMCs) begin reducing ex-pump prices for the second consecutive pricing window, buoyed by favourable market conditions.
State-owned GOIL is among the first OMCs to announce fresh reductions, cutting the price of petrol to GH¢12.79 per litre from GH¢13.87 per litre during the second pricing window of June. The GH¢1.08 per litre reduction represents a 7.8 per cent decrease.
The company has also lowered the price of diesel to GH¢15.35 per litre from GH¢15.95 per litre, reflecting a GH¢0.60 per litre, or 3.8 per cent, reduction.
Star Oil has similarly adjusted its pump prices downward.
The company now sells petrol at GH¢12.79 per litre, matching the National Petroleum Authority’s (NPA) price floor for the first pricing window of July. The new price is down from GH¢13.39 per litre in the latter part of the second pricing window of June, representing a GH¢0.60 per litre, or 4.5 per cent, decrease.
Diesel at Star Oil has also become cheaper, with the price reduced to GH¢14.95 per litre from GH¢15.93 per litre. The GH¢0.98 per litre reduction translates into a 6.2 per cent decline.
Meanwhile, the price of Ron 95 has been trimmed marginally to GH¢15.75 per litre from GH¢15.77 per litre, a reduction of GH¢0.02 per litre, or 0.1 per cent.
The latest price adjustments have been driven by falling international crude oil prices, the continued appreciation of the Ghana cedi against the US dollar, and the NPA’s downward revision of indicative price floors for the first pricing window of July.
For the current pricing window, the NPA has set the minimum price floors at GH¢12.79 per litre for petrol, GH¢13.54 per litre for diesel, and GH¢10.11 per kilogram for liquefied petroleum gas (LPG). These price floors represent the minimum rates at which OMCs and LPG marketing companies are permitted to sell petroleum products during the pricing period.
Industry observers expect more OMCs to announce similar price reductions in the coming days, a move that could provide additional relief to households, motorists and businesses grappling with high transport and operating costs.
