The impact of the cedi’s appreciation continues to trickle down in the petroleum sector as Ghanaians have seen another fuel price reduction at the pump today, June 9, 2025.
One of the market leaders and state-owned Oil Marketing Company (OMC), Goil, has today announced a price reduction at the various pumps, bringing relief to many.
Checks by The High Street Journal reveal that Goil is currently selling Super XP at GH¢ 12.38 per litre from a previous price of GH¢ 12.52 per litre, making a marginal savings of GH¢0.14 per litre.
Diesel XP, which previously sold at GH¢ 12.98 per litre, from today, is selling at GH¢ 12.88 per litre.
Super XP, however, remains unchanged at GH¢14.34 per litre.
With Goil leading the way, it is anticipated that other OMCs will follow suit for the price reduction to trickle down to the entire industry.
This price reduction comes ahead of the implementation of the new GH¢ 1 per litre energy sector levy set for June 16, 2025.
Parliament last week passed an amendment to the Energy Sector Levies Act to introduce this increment. The Ministers for Finance and Energy justify that the levy is needed to help the government to address the piling energy sector legacy debt.
The debt, which currently hovers around $3.1 billion, has become a major threat to the sustainability and stability of the sector. The Minister for Finance, Dr. Cassiel Ato Forson, says about $3.7 billion is expected to clear the debt.
Concerns have been raised about the rate and the hasty approach with which the levy was introduced. However, many sector players admit that the levy is a necessary evil needed to save the energy sector.
Initially set for implementation today, June 9, 2025, after President Mahama’s assent to the amended bill, a quick intervention by the Chamber of Oil Marketing Companies (COMAC) has led to the implementation of the levy.
COMAC cites transitional challenges for their inability to implement the levy, hence proposing June 16, 2025, which has been accepted by the Ministry of Finance.
Today’s price reduction at the pump, analysts say, will go a long way to minimize the impact of the levy when it’s finally implemented.
It is anticipated that the cedi will continue its robust strength in order to compensate for the possible impact of the levy.
