Consumers across Ghana are expected to benefit from one of the most significant fuel price reductions in recent months, with petrol, diesel and LPG prices projected to decline from June 16.
Industry forecasts by the Chamber of Oil Marketing Companies (COMAC) suggest petrol will record the sharpest decrease during the second pricing window of June, potentially falling by as much as 9.31%.
Should oil marketing companies fully pass on the reductions to consumers, petrol could retail at approximately GH¢14.72 per litre, offering substantial relief to motorists and businesses facing transportation and operational costs.
Diesel prices are also expected to ease, with some stations likely to sell a litre for around GH¢17.02. Liquefied Petroleum Gas (LPG) is projected to experience a smaller decline, with prices estimated at about GH¢17.20 per kilogram.
The anticipated reductions come despite recent pressure on the cedi, which weakened from GH¢11.59 to GH¢11.80 against the US dollar during the pricing period. Industry analysts believe fuel prices could have fallen even further had the local currency maintained its strength.
In a related development, the National Petroleum Authority (NPA) has revised downward the official price floors for the June 16–30 pricing window. The minimum benchmark for petrol has been reduced from GH¢15.20 to GH¢13.39 per litre, while diesel’s floor price has been lowered from GH¢15.49 to GH¢15.11 per litre.
The new benchmarks are expected to intensify competition among oil marketing companies, with major players likely to adjust prices closer to the approved floors in a bid to attract customers.
According to COMAC, the expected reductions are being driven largely by favourable developments on the international market. Global crude oil prices have declined significantly in recent weeks, while prices of refined petroleum products have also dropped sharply.
Industry data show international LPG prices fell by nearly 20%, while petrol and diesel prices declined by more than 15% and 10% respectively during the review period.
Analysts say weakening demand from major economies, increased crude exports from the United States and continued releases from strategic petroleum reserves have all contributed to the downward trend.
If global market conditions remain favourable and geopolitical tensions continue to ease, consumers could see further reductions at the pumps in the coming weeks, extending the current relief for households and businesses alike.
