OMCs Lower Fuel Prices Amid Cedi Stabilization
Some Oil Marketing Companies (OMCs) in Ghana have begun lowering petroleum prices at the pumps, with industry leader GOIL reducing petrol prices to GHS 14.22 per litre, a 1.38% decline from two weeks ago.
Diesel prices have also seen a reduction, dropping by GHS 0.9 per litre to GHS 14.90.
This price adjustment is largely attributed to the cedi’s recent stabilization against the US dollar. The cedi’s depreciation has slowed significantly, from 7% in May to 1% in July, with further stability anticipated in August.
Additionally, crude oil prices on the international market have remained relatively steady, despite ongoing geopolitical tensions in the Middle East.
Analysts suggest that if these trends persist, consumers could see further reductions in fuel prices in the upcoming pricing window.
Meanwhile, the Institute for Energy Security (IES) is projecting stability in the prices of all petroleum products in the second-pricing window of the month of August due to the combined effects of the slowed depreciation of the local currency and the international market activities observed in the first half of August 2024.
This implies that petroleum prices will remain stable on the local fuel market for the second half of
August 2024 in the absence of sectorial regulatory and policy disruptions.
The price of petrol (gasoline) and diesel (gasoil) at various pumps across the country in the first pricing window of August averaged GHS 14 per litre and GHS 14.58 per litre respectively.
According to the IES, the price performance of gasoline and gasoil in the first half of August continued to remain positive, recording price decreases of 2.83% and 4.46%, respectively.
