Consumers of petroleum products are set to benefit from lower fuel prices as oil marketing companies (OMCs) begin reducing ex-pump prices for the second consecutive pricing window, following favourable market conditions.
State-owned GOIL is among the first OMCs to implement the reductions.
The company has cut the price of petrol to GH¢12.79 per litre from GH¢13.87 per litre during the second pricing window of June, representing a GH¢1.08 per litre (7.8%) reduction.
GOIL has also reduced the price of diesel to GH¢15.35 per litre from GH¢15.95 per litre, a GH¢0.60 per litre (3.8%) decline.
Star Oil has also adjusted its pump prices downward.
Petrol is now selling at GH¢12.79 per litre, matching the NPA’s price floor for the first pricing window of July, down from GH¢13.39 per litre in the latter part of the second pricing window of June.
This represents a GH¢0.60 per litre (4.5%) reduction.
The company has reduced diesel prices to GH¢14.95 per litre from GH¢15.93 per litre, a GH¢0.98 per litre (6.2%) decrease.
Meanwhile, the price of Ron 95 has been cut marginally to GH¢15.75 per litre from GH¢15.77 per litre, representing a GH¢0.02 per litre (0.1%) reduction.
The latest price adjustments have been driven by declining international crude oil prices, the continued appreciation of the Ghana cedi against the US dollar, and the NPA’s downward revision of indicative price floors for the July first pricing window.
For the first pricing window of July, the NPA has set the price floors at GH¢12.79 per litre for petrol, GH¢13.54 per litre for diesel, and GH¢10.11 per kilogram for liquefied petroleum gas (LPG).
The price floors represent the minimum prices at which OMCs and LPG Marketing Companies (LPGMCs) are permitted to sell petroleum products during the pricing window.
More OMCs are expected to announce price reductions as the first pricing window of July progresses, offering further relief to consumers and businesses facing high transport and operating costs.
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