Motorists across Ghana are set to enjoy some relief at the pumps as major oil marketing companies (OMCs), have reduced the prices of petrol and diesel.
The latest price adjustments follow a decline in global crude oil prices and revised price floors announced by the National Petroleum Authority (NPA), signaling a positive shift for consumers and businesses grappling with high transportation and operating costs.
GOIL, Star Oil Lead Price Reductions
State-owned GOIL has announced one of the most notable reductions, cutting the price of petrol from GH¢15.20 per litre to GH¢13.87 per litre. Diesel prices have also fallen from GH¢16.50 to GH¢15.95 per litre.
The adjustment places GOIL’s pricing only slightly above the minimum price floor established by the NPA, a development industry observers describe as unusual in Ghana’s competitive fuel market.
Star Oil has also reduced its pump prices, with petrol now selling at GH¢13.85 per litre, down from GH¢15.20 per litre during the first pricing window of June. The reduction represents an 8.9 per cent decline. Diesel prices at Star Oil have eased marginally from GH¢15.99 per litre to GH¢15.93 per litre.
Zen Petroleum has joined the trend, reducing petrol prices from GH¢15.20 to GH¢14.77 per litre, while diesel prices have declined from GH¢16.63 to GH¢16.25 per litre.
Market sources indicate that several other OMCs are expected to announce similar reductions as they adjust to changing market dynamics.
The latest price cuts come after the NPA announced new minimum pricing thresholds for the second half of June.
Under the revised framework, the price floor for petrol has been reduced from GH¢15.20 per litre to GH¢13.39 per litre, while diesel’s floor price has fallen from GH¢15.49 per litre to GH¢15.11 per litre.
The regulator has directed all OMCs to comply with the revised floors, ensuring that no operator sells below the approved minimum prices.
Falling Oil Prices Drive Relief
Industry analysts attribute the reductions largely to declining crude oil prices and lower international prices for refined petroleum products.
According to the Chamber of Oil Marketing Companies (COMAC), crude oil prices have dropped from approximately US$110 per barrel to US$97 per barrel this month, representing a decline of about 12 per cent.
The fall has been linked to weaker demand from China, increased oil exports from the United States and continued releases from strategic petroleum reserves by member countries of the International Energy Agency.
COMAC estimates that international LPG prices have fallen by nearly 20 per cent, while petrol and diesel prices have declined by 15.21 per cent and 10.17 per cent respectively.
Industry players believe further reductions could be on the horizon if global oil prices continue to soften. Recent reports of a potential agreement aimed at easing tensions in the Middle East have strengthened expectations that crude prices may remain under pressure in the coming weeks.
For motorists and transport operators, the latest reductions mark one of the most significant fuel price declines in recent years and could help ease transportation costs while providing broader support to economic activity.
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