Fuel Price Change: Diesel stays at GH₵15.45 while gasoline drops to GH₵15.45.

Some Oil Marketing Companies (OMCs) have begun lowering fuel prices at the pumps, effective November 19, 2024.

GOIL, one of the leading players in the industry, has set the pace by reducing the price of petrol to GH₵15.45 per litre, a GH₵0.29 drop compared to two weeks ago. However, the price of diesel remains unchanged at GH₵15.45 per litre.

Other OMCs Signal Adjustments

Several other OMCs are expected to follow suit, with indications of upcoming price reviews. The specific reductions, however, are yet to be announced. Ghana currently hosts over 150 OMCs, with petroleum prices adjusted biweekly in line with market trends.

Fuel Pricing Trends

Fuel prices in Ghana have been on the rise since September 2024 due to climbing crude oil prices on the global market. Recently, however, crude oil prices have dipped from the $80-per-barrel range to approximately $72 per barrel, prompting relief at the pumps.

Role of the Cedi

The Ghanaian cedi’s recent stability against the US dollar has also influenced fuel pricing. Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), highlighted the cedi’s role in potential price reductions.

“If the cedi continues its strong performance, consumers could benefit from up to a 5% reduction in fuel prices,” he remarked.

The cedi’s stability has been attributed to increased dollar supply by the Bank of Ghana and subdued demand for foreign currency ahead of the holiday season. As of November 19, 2024, the cedi was trading at GH₵15.90 per dollar in some commercial banks.

With improved global crude oil prices and a resilient local currency, further reductions in fuel prices could bring additional relief to consumers in the coming weeks.