GOIL PLC and other major Oil Marketing Companies have begun reducing pump prices at the start of the first pricing window of May, signalling a modest easing in Ghana’s downstream petroleum market.
Petrol at GOIL is now selling at GH¢13.25 per litre, a slight drop from GH¢13.27 recorded in the previous pricing window. Diesel prices, however, saw a more notable reduction, falling to GH¢15.66 per litre from GH¢16.10.
The company’s premium fuel, Super XP 95, remains unchanged at GH¢15.77 per litre.
Star Oil has also implemented similar adjustments. Petrol prices have been reduced marginally to GH¢13.25 per litre, while diesel dropped more sharply to GH¢15.55 per litre from GH¢16.10.
Its RON 95 product remains steady at GH¢14.67 per litre, reflecting a broader trend where premium products have not yet been affected by the recent price moderation.
The price changes align with earlier projections that anticipated a slight downward adjustment for the May pricing window.
Global Trends and Policy Impact
The reductions have been attributed to easing global oil benchmarks and the continued impact of joint government and industry interventions aimed at cushioning consumers from volatility.
Market analysts say the interplay between international oil prices and exchange rate stability remains a key determinant of local fuel pricing, with more Oil Marketing Companies expected to review their prices in the coming days.
NPA Revises Price Floors
National Petroleum Authority has also adjusted its price floors in response to developments on the international market.
Petrol now has a minimum price of GH¢13.25 per litre, slightly down from GH¢13.27, while diesel’s price floor dropped significantly to GH¢14.30 per litre from GH¢16.10.
In contrast, LPG prices have surged, with the minimum price rising sharply to GH¢13.02 per kilogram from GH¢10.79.
The regulator emphasised that all Oil Marketing Companies must comply with these price floors under existing pricing guidelines, although final pump prices may vary due to additional costs such as margins and international trading premiums.
While the current reductions offer some relief to consumers, the outlook remains sensitive to global oil price movements and currency fluctuations, which continue to shape Ghana’s fuel pricing dynamics.
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