Motorists and households are set to enjoy some relief as fuel prices have begun declining at the pumps from Tuesday, July 1, following the commencement of the first pricing window for the month.
Leading Oil Marketing Company, GOIL, has reduced the price of petrol to GH¢12.79 per litre, down from GH¢13.87, while diesel now sells at GH¢15.35 per litre, compared to the previous GH¢15.95.
The new prices will remain in force for the next 15 days.
The Chamber of Oil Marketing Companies (COMAC) says the reductions are expected to be reflected across the industry, with petrol prices projected to decline by between 1.94 and 3.34 percent, while diesel prices could fall by 7.67 to 10.20 percent.
Liquefied Petroleum Gas (LPG) is expected to record the biggest reduction, with prices projected to drop by between 24.50 and 26.86 percent, offering significant relief to households and commercial users.
Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, said the price adjustments have been driven largely by developments on the international market.
“The major factor accounting for the reduction is the significant decline in international crude oil prices during the latter part of June. We witnessed a 19.69 percent drop in crude oil prices, which is the sharpest two-week decline recorded since the COVID-19 pandemic in 2020,” Dr. Oppong said.
He noted that the easing of geopolitical tensions in the Middle East contributed to the sharp fall in global oil prices, creating favourable conditions for lower ex-pump prices in Ghana.
“These international market developments have created room for Oil Marketing Companies to review their pump prices downward, and consumers should begin to experience some relief during this pricing window,” he added.
Dr. Oppong explained that while global market trends remain the primary driver of fuel prices, the relative stability of the Ghana cedi has also supported the downward adjustments.
“The combination of lower international petroleum prices and a relatively stable exchange rate has helped cushion the local market, resulting in the reductions we are seeing today,” he stated.
The latest adjustments are expected to reduce transportation and operational costs for businesses, while easing the financial burden on motorists and households that rely on petroleum products.
