The Oil Marketing Companies (OMCs) in Ghana have reviewed their prices for the November pricing window, resulting in adjustments to petrol and diesel prices. Petrol has dropped to GHS16.38 per litre, while diesel has increased to GHS18.45 per litre. This change is reflected in the prices at Star Oil, where petrol has decreased from GH¢16.45 to GH¢16.38 per litre, and diesel has increased from GH¢17.95 to GH¢18.45 per litre.
According to the Chamber of Oil Marketing Companies (COMAC), the differing fuel price adjustments reflect changes in international petroleum prices, gains in the cedi’s value, and collaborative efforts by the government and industry stakeholders to ease the effect of rising diesel prices on consumers. This move aims to cushion consumers from the impact of increasing diesel prices.
In the previous pricing window, petrol prices had risen from GH¢16.00 per litre in September to GH¢16.45 per litre, an increase of GH¢0.45 or 2.8%. Diesel prices also increased from GH¢16.77 per litre to GH¢17.97 per litre, a rise of GH¢1.20 or 7.2%. These changes indicate a fluctuation in fuel prices in response to market conditions.
Despite the recent price adjustments, earlier projections indicated that fuel prices were expected to decline in the second pricing window of October. Petrol prices were projected to fall by close to 2%, while diesel prices were expected to decline by 3.32%. However, these projections were based on specific market conditions that may have changed since then.
The government had implemented interventions to mitigate the impact of rising fuel prices, including agreements with the Sentuo Oil Refinery and the Tema Oil Refinery to maintain their petroleum product supply prices to Bulk Distribution Companies. Additionally, the government suspended the GH¢1-per-litre dumsor levy on diesel for October, providing temporary relief to consumers.
Under the new pricing window, petrol is expected to sell at a minimum of GH¢16.09 per litre, while diesel has a floor price of GH¢17.09 per litre. However, pump prices may differ across fuel stations depending on the additional costs and profit margins applied by individual Oil Marketing Companies.
The price adjustments for November reflect the dynamic nature of the fuel market in Ghana, influenced by both local and international factors. As the market continues to evolve, consumers can expect further changes in fuel prices in response to shifts in global petroleum prices and the local economic environment.
Key points
- Petrol prices have dropped to GHS16.38 per litre, while diesel prices have increased to GHS18.45 per litre for November.
- The price adjustments reflect changes in international petroleum prices and gains in the cedi’s value.
- The government and industry stakeholders are working together to ease the effect of rising diesel prices on consumers.
