Some Oil Marketing Companies (OMCs) have begun a slight reduction in fuel prices, offering a glimmer of relief to consumers amid fluctuating global oil prices. This adjustment comes three days into the second pricing window for November, signaling a shift in the domestic market following international trends.
State-owned Ghana Oil Company Limited (GOIL) has taken the lead, reducing the price of petrol from GH₵14.64 per litre to GH₵14.35 per litre. Despite this reduction, diesel prices have remained unchanged, holding steady at GH₵15.45 per litre.
While other OMCs have yet to adjust their prices, GOIL’s move could signal a broader trend of price reductions as the market responds to recent shifts in the global petroleum landscape.
The Chamber of Petroleum Consumers (COPEC) had earlier predicted a decline in fuel prices for the second pricing window, which began on November 16. This forecast was based on a drop in the international price of petrol, which decreased from $723.03 per metric tonne to $676.64 per metric tonne. Meanwhile, diesel saw a marginal increase, rising from $666.38 per metric tonne to $667.61 per metric tonne.
In addition, the Ghanaian cedi has experienced a relative stabilization in its exchange rate against the US dollar, contributing to the lower fuel prices domestically.
As GOIL sets the pace, industry observers are now watching closely to see whether other OMCs will follow suit with similar price reductions in the coming days. The trend is expected to bring some relief to consumers, who have faced volatile fuel prices in recent months.
