Some of Ghana’s top oil marketing companies (OMCs) have already reduced fuel prices, with petrol now selling at GH¢11.59 per litre and diesel at GH¢12.47. The cuts follow global oil-price declines and also, the Ghana cedi’s recent appreciation.
What To Know About Fuel prices fall
GhanaView Business has observed that, at the pump, major OMCs are offering petrol at GH¢11.59 per litre down from GH¢12.77. Also, diesel has dropped from about GH¢12.97 to GH¢12.47.
Another brand, Zen Petroleum, also cut prices: petrol at GH¢11.97 and diesel at GH¢12.17.
This reductions reflect a forecast by the Chamber of Oil Marketing Companies (COCM) that fuel could drop by up to 8 % per litre.
Whether the fuel prices drop is mirrored nation-wide and across all OMCs, not just selected service stations. Note that, some OMCs may delay passing on full reductions.
As it stands now, this is good news for motorists and businesses in Ghana. The combination of cheaper fuel and a firmer currency offers some relief. However, it will matter how broadly and quickly the reductions are applied, and whether other costs follow.
