Fuel Prices Could Drop to GH¢12 per Litre…OMC Boss
Story By: Akua Oteng Amponsah
Ghanaians may soon enjoy significantly lower fuel prices at the pump if the cedi continues its recent stability, according to Dr. Riverson Oppong, Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs).
Speaking on JoyNews’ PM PM Express, Dr. Oppong projected that petrol could drop to as low as GH¢12 per litre by the next pricing window, which is expected to take effect by Thursday.
Dr. Oppong attributed the potential price drop to the cedi’s recent stability, which plays a significant role in converting international fuel prices from dollars to Ghana cedis. “The forecast will be by Thursday if the cedi continues with its stability,” he said.
According to him, the industry is already seeing signs of reduction, with an average decrease of 6-10% observed between May 15 and 30.
While the news is welcome for consumers, Dr. Oppong noted that it comes with challenges for government revenue.
“As we are happy with the downstream effect that is, the fuel price going down at the pump level you also see that there is revenue reduction in upstream,” he explained.
Dr. Oppong remains optimistic that a strong cedi and stable international market could sustain the trend.
“With the plateauing of the international benchmark prices, we are likely to see that, and we shall be proud to have that effect on our consumer,” he added.
The next pricing window begins this week, and expectations are high among Ghanaians for further relief at the pumps, following weeks of currency appreciation and easing global oil prices.
