Fuel prices have dropped noticeably, offering some respite to motorists and businesses across the country.
Goil and Star Oil are leading the charge, slashing rates by an average of 5.35%, as projected by the Chamber of Petroleum Consumers (COPEC), which had forecasted a 4% to 5% reduction driven by falling global petroleum prices.
With the new pricing, many fuel stations have responded positively, passing on the benefits of the global trend to the pumps.
At Goil, petrol prices have taken a significant tumble from GH¢14.16 to GH¢12.99, marking an 8.27% decrease. Diesel at Goil also saw a drop, though less dramatic, falling from GH¢14.70 to GH¢14.49—translating into a 1.43% reduction.
Star Oil has followed suit, lowering petrol from GH¢13.55 to GH¢12.55, a notable 7.38% cut. Diesel prices at Star Oil have also declined, now standing at GH¢13.25 from GH¢13.85, representing a 4.34% reduction.
These adjustments align with COPEC’s earlier forecast, which attributed the price drop to a dip in global fuel prices. Free on Board (FOB) petrol prices dropped by 10.62%, while diesel saw a 6.09% decline. Though the depreciation of the Ghanaian Cedi slightly blunted the full effect of these reductions, consumers are still seeing significant changes at the pump.
COPEC has further called on the government to consider reducing taxes on Liquefied Petroleum Gas (LPG) or introducing subsidies to encourage its broader use.
This, they argue, would help shift consumption away from environmentally harmful alternatives like firewood. With taxes accounting for 23.47% of petrol and diesel prices, COPEC also proposed a flexible tax structure that could help absorb shocks from currency fluctuations, offering more stability for consumers.
However, despite the overall positive trend, not all fuel stations have followed the wave of price reductions. At Shell, Total Energies, and Allied, prices remain unchanged, with petrol holding steady at GH¢14.35, GH¢14.34, and GH¢13.31 respectively.
Diesel prices also remain at their previous levels of GH¢14.70, GH¢14.60, and GH¢13.57. These stations have yet to adjust their prices in response to the global trend, leaving some consumers paying more than they might elsewhere.
