Consumers and businesses are beginning to benefit from lower fuel prices as Oil Marketing Companies (OMCs) implement downward price adjustments at the start of the second pricing window of June.
State-owned GOIL is among the first OMCs to revise pump prices downward, reflecting easing conditions on the international petroleum market.
At GOIL stations, petrol is now selling at GH¢13.87 per litre, down GH¢1.33 from GH¢15.20 per litre in the first pricing window of June, representing an 8.8% reduction.
Diesel is selling at GH¢15.95 per litre, down GH¢0.55 from GH¢16.50 per litre previously, translating into a 3.3% decline.
Star Oil has also reduced fuel prices. Petrol is currently selling at GH¢13.85 per litre, down GH¢1.35 from GH¢15.20 per litre in the first pricing window, representing an 8.9% reduction.
Diesel is selling at GH¢15.93 per litre, compared with GH¢15.99 per litre in the first pricing window of June, reflecting a marginal reduction of GH¢0.06, or 0.4%.
The latest reductions follow a decline in international refined petroleum product prices amid easing geopolitical tensions in the Middle East.
Market sentiment improved after reports of a framework agreement between Iran and the United States aimed at de-escalating hostilities, boosting expectations that the Strait of Hormuz will remain open to global oil shipments and reducing concerns over potential supply disruptions.
The price cuts come despite government’s decision to withdraw the remaining diesel fuel price relief of GH¢1.07 per litre ahead of the commencement of the second pricing window on June 16.
The move officially ended all temporary fuel price interventions introduced to cushion consumers and businesses from rising petroleum prices triggered by tensions in the Middle East.
Industry watchers say the sharp decline in international product prices has offset the impact of the withdrawal of the diesel relief programme, allowing OMCs to pass on lower prices to consumers.
More OMCs are expected to adjust their pump prices in the coming days.
For the current pricing window, the regulator has set benchmark price floors of GH¢13.39 per litre for petrol and GH¢15.11 per litre for diesel, providing the minimum pricing thresholds across the market.
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