Ghanaian motorists could soon see a significant reduction in transportation costs as fuel prices are projected to fall sharply during the second pricing window of June, beginning June 16.
New projections from the Chamber of Oil Marketing Companies (COMAC) suggest that petrol, diesel and Liquefied Petroleum Gas (LPG) will all experience price cuts, offering relief to households, businesses and transport operators grappling with the high cost of fuel.
Petrol is expected to record the most substantial decrease, with prices likely to drop by as much as 9.31 percent. Should oil marketing companies pass on the full reduction to consumers, a litre of petrol could sell for approximately GH¢14.72.
Diesel prices are also expected to decline, with projections indicating a retail price of around GH¢17.02 per litre among companies sourcing products through credit arrangements with Bulk Oil Distributors.
LPG users are expected to benefit from a modest reduction, with prices forecast to average about GH¢17.20 per kilogram.
Industry analysts believe the reductions could help ease inflationary pressures, particularly in the transport sector, where fuel costs significantly influence fares and the prices of goods and services.
The National Petroleum Authority (NPA) has already announced revised price floors for the June 16 to June 30 pricing window. The minimum price for petrol has been reduced to GH¢13.39 per litre from GH¢15.20, while diesel’s floor price has been lowered to GH¢15.11 per litre from GH¢15.49.
With competition among oil marketing companies intensifying, consumers could see some of the country’s leading fuel retailers offering prices close to the newly approved floor levels.
According to COMAC, the expected reduction is largely driven by declining crude oil prices and lower prices for refined petroleum products on the international market. Crude oil prices reportedly fell from around $110 per barrel to $97 per barrel during the review period, while international prices for petrol, diesel and LPG also recorded significant declines.
Market observers note that the recent depreciation of the Ghana cedi limited the extent of the reductions. The local currency weakened from GH¢11.59 to GH¢11.80 against the US dollar during the pricing period, partially offsetting gains from lower global fuel prices.
Looking ahead, industry stakeholders remain optimistic that fuel prices could decline further if global crude oil prices continue to ease amid improving geopolitical conditions and stable international supply levels.
For consumers and businesses alike, the upcoming pricing window presents a welcome opportunity for reduced fuel expenses and potential savings across the economy.
