There is hope for a possible reduction in transport fares as fuel prices at the pump are dropping again, with the Ghana Oil Company Limited (GOIL) leading the way.
In a new development, The High Street Journal can confirm that GOIL, effective today, Friday, 16, 2025, has announced substantial reductions in fuel prices.
This marks the several times the company has cut prices this year.
Super XP (Petrol) is now selling at GHC 13.32 per litre from GHC 13.65 per litre, resulting in a savings of 33 pesewas.
Diesel XP is also now selling at GHC13.91 per litre from GHC14.41 per litre, leading to a savings of 50 pesewas per litre.
Super XP 95 is now selling at GHC 15.19 per litre from a previous price of GHC15.41 per litre, resulting in a savings of 22 pesewas.
These new prices took effect at 6 AM today. It is anticipated that other Oil Marketing Companies (OMCs) will follow suit and announce a reduction in their prices.
Despite the consistent drop in fuel prices, public transport users are yet to see a reduction in transport fares. Transport operators are unwilling to cut prices, justifying that the drop in fuel at the pumps is not significant enough to warrant a reduction in transport fares.
The Chamber of Oil Marketing Companies (COMAC) attributes this significant price drop to two main factors. The appreciation of the local currency, the cedi, has played a crucial role
Moreover, the decline in global crude oil prices on the International market cannot be discounted. Prices for refined petroleum products have seen a significant decrease during the same period, contributing to the downward adjustment in local fuel prices.
The reduction in fuel prices is expected to alleviate transportation costs, reduce inflationary pressures, and provide relief to consumers and businesses alike.
It also reflects the positive impact of macroeconomic stability measures and favorable global market conditions on the local economy.
COPEC has therefore begun mounting pressure on public transport operators to reduce transport costs so that citizens can also benefit from the improved macroeconomic environment.
