Fuel Prices to Drop Sharply from June 16 as Petrol Leads Decline
COMAC projects up to 9% drop in petrol prices as diesel and LPG also record declines in the June 16 pricing window.
- Fuel prices in Ghana are expected to drop from June 16 in the new pricing window
- Petrol will see the biggest reduction, with diesel and LPG also expected to fall
- COMAC attributes the decline to falling global crude oil and refined product prices
Motorists across Ghana are expected to benefit from a significant reduction in fuel prices from June 16, as petrol, diesel, and liquefied petroleum gas (LPG) are projected to fall in the second pricing window of June.
According to the latest pricing outlook from the Chamber of Oil Marketing Companies (COMAC), petrol will record the steepest decline, with prices expected to drop by up to 9.31%. If fully implemented by oil marketing companies, a litre of petrol could sell at about GH¢14.72, marking one of the sharpest reductions in recent months.
Diesel prices are also projected to fall, with a litre expected to sell around GH¢17.02, while LPG is likely to ease marginally to about GH¢17.20 per kilogram.
COMAC noted that the reduction could have been even steeper, but was moderated by the recent depreciation of the cedi, which weakened from GH¢11.59 to GH¢11.80 against the US dollar during the pricing period.
The National Petroleum Authority (NPA) has also announced revised price floors for the June 16–30 window, reducing petrol’s floor from GH¢15.20 to GH¢13.39 per litre and diesel’s from GH¢15.49 to GH¢15.11 per litre. The regulator has directed oil marketing companies to adhere to the new floors.
Industry analysts say heightened competition may push major players such as GOIL and Star Oil to price close to the minimum levels.
COMAC attributes the downward trend mainly to falling crude oil prices and declining refined petroleum product costs on the international market. Crude oil has reportedly dropped from about $110 per barrel to $97 per barrel, driven by weaker Chinese imports, high US exports, and continued releases from strategic reserves.
Prices of refined products have also declined significantly, with LPG falling by 19.94%, petrol by 15.21%, and diesel by 10.17% on the global market.
There are also expectations of further easing in global oil prices following reports of a potential agreement aimed at de-escalating tensions in the Middle East, which could offer additional relief to consumers in the coming pricing windows.
