Fuel pump prices began falling in Ghana on Tuesday, June 16, with the commencement of the second pricing window, following a decline in refined petrol
Fuel pump prices began falling in Ghana on Tuesday, June 16, with the commencement of the second pricing window, following a decline in refined petroleum product prices on the international market.
The Chamber of Oil Marketing Companies (COMAC) projected thfat petrol prices would decrease by between 7.23% and 9.31%, diesel by 0.51% to 1.65%, and LPG by 0.20% to 0.52% during the second pricing window of June.
In Ghana, fuel prices are reviewed every two weeks. The first pricing window runs from the 1st to the 15th of each month, while the second pricing window begins on the 16th and ends on the 30th.
According to data published by the National Petroleum Authority (NPA), the regulator of Ghana’s downstream petroleum sector, petrol prices on the international market declined from US$1,166.08 per metric tonne to US$988.77 per metric tonne. Diesel prices fell from US$1,175.95 per metric tonne to US$1,056.38 per metric tonne, while LPG prices dropped from US$815.23 per metric tonne to US$652.65 per metric tonne.
Based on the decline in refined petroleum product prices on the international market and prevailing market dynamics, the regulator published new fuel floor prices. Petrol prices were reduced to GH¢13.39 per litre from GH¢15.20 per litre in the first pricing window of June.
This represents a decrease of GH¢1.81 per litre, equivalent to nearly 12%.
Diesel prices were reduced to GH¢15.11 per litre from GH¢15.49 per litre in the first pricing window of June, representing a decline of GH¢0.38 per litre, or about 2.5%.
For LPG, the price floor was reduced to GH¢13.23 per kilogram from GH¢13.48 per kilogram, a decline of GH¢0.25 per kilogram, or about 1.9%.
The price floors represent the minimum benchmark prices at which Oil Marketing Companies (OMCs) and LPG Marketing Companies (LPGMCs) are expected to retail petroleum products during the second pricing window of June.
As of Tuesday morning, two of Ghana’s major oil marketing companies had adjusted their pump prices.
GOIL PLC, the market leader, revised its prices as follows:
- Petrol (Regular): GH¢13.87 per litre
- Petrol (RON 95): GH¢16.87 per litre
- Diesel: GH¢15.95 per litre
Star Oil also revised its pump prices:
- Petrol (Regular): GH¢13.85 per litre
- Petrol (RON 95): GH¢15.77 per litre
- Diesel: GH¢15.93 per litre
Other OMCs are expected to review their pump prices in the coming days.
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