Josiah
Ghanaian consumers may enjoy lower fuel prices from Monday, June 16, as projections from the Chamber of Oil Marketing Companies (COMAC) point to significant reductions in the prices of petroleum products during the second pricing window of June.
According to COMAC’s latest estimates, petrol, diesel, and liquefied petroleum gas (LPG) are all expected to see price decreases at the pumps.
Petrol is projected to record the largest reduction, with prices expected to fall by more than 9 percent. If oil marketing companies fully pass on the savings to consumers, a litre of petrol could sell for approximately GH¢14.72.
Diesel prices are also forecast to decline, with some oil marketing companies—particularly those sourcing products on credit from Bulk Oil Distributors—likely to offer a litre at about GH¢17.02. LPG consumers are similarly expected to benefit, with prices projected to average around GH¢17.20 per kilogram.
The anticipated reductions come despite the depreciation of the Ghana cedi against the US dollar during the pricing period. COMAC noted that the cedi weakened from GH¢11.59 to GH¢11.80 per dollar, representing a depreciation of about 2.45 percent, which moderated what could have been even larger price cuts.
In a related development, the National Petroleum Authority (NPA) has announced lower price floors for the June 16–30 pricing window. The minimum permissible price for petrol has been reduced from GH¢15.20 to GH¢13.39 per litre, while diesel’s floor price has dropped from GH¢15.49 to GH¢15.11 per litre.
Industry observers believe the revised benchmarks could trigger increased competition among oil marketing companies, with some retailers expected to align their pump prices closer to the new minimum levels to attract customers.
Analysts attribute the projected fuel price reductions largely to favourable developments on the international market, where crude oil and refined petroleum product prices have declined significantly in recent weeks.
Global crude oil prices are reported to have fallen by about 12 percent this month, dropping from approximately US$110 per barrel to US$97 per barrel. The decline has been linked to weaker demand from China, increased oil exports from the United States, and continued releases from strategic petroleum reserves by member countries of the International Energy Agency (IEA).
Prices of refined petroleum products have also trended downward. COMAC estimates indicate that international LPG prices have dropped by nearly 20 percent, while petrol and diesel prices have fallen by more than 15 percent and 10 percent, respectively.
Market analysts remain optimistic that fuel prices could decline further in the coming weeks, citing signs of easing geopolitical tensions in the Middle East, which could contribute to greater stability in global energy markets and support additional reductions in petroleum prices.
Omanghana.com
