The Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs), Dr. Riverson Oppong says, Ghanaians could soon see a significant drop in fuel prices, with petrol potentially selling for as low as GH¢12 per litre.
Dr. Oppong said the projected reduction could take effect in the next pricing window, provided the Ghana cedi maintains its recent stability.
“Believe me, in the next window, we are even foreseeing petrol selling for GH¢12, the forecast will be by Thursday if the cedi continues with its stability,” he said.
He explained that the local currency’s performance is having a direct impact on fuel prices, especially in the conversion of international petroleum prices from dollars to cedis.
“As far as the cedi is also a very big factor in the forex calculation, that’s converting from USD to cedi, we also have that affecting the pump price,” he said.
Dr. Oppong noted that the industry is already witnessing some relief, citing a 6% to 10% average decrease in prices between May 15 and May 30.
However, he cautioned that the downward trend in prices could have implications for government revenue.
“As we are happy with the downstream effect, that is, the fuel price going down at the pump, you also see that there is revenue reduction in upstream,” he said.
Despite the potential trade-offs, he expressed optimism that continued cedi strength and stable global oil prices could sustain the downward trajectory.
“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.
Nonetheless, the next pricing window opens this week, with many watching closely to see if the GH¢12 per litre prediction will be realised.
