Fuel prices are expected to drop from today as Oil Marketing Companies (OMCs) introduce new pump prices for the second pricing window of October, providing some relief to consumers. Petrol prices are projected to decrease by nearly 2 per cent, while diesel prices are expected to fall by 3.32 per cent. However, the recent depreciation of the cedi is likely to moderate the impact of declining international petroleum product prices.
Based on cash purchases, petrol is expected to sell at GH¢17.67 per litre, while diesel is projected to retail at GH¢19.30 per litre. The anticipated reductions follow the first pricing window of October, during which major OMCs maintained their existing pump prices with support from government interventions. These measures included agreements by the Sentuo Oil Refinery and the Tema Oil Refinery to supply petroleum products to Bulk Distribution Companies at prices unchanged from the previous pricing window.
The government also suspended the GH¢1-per-litre dumsor levy on diesel for October as part of efforts to ease the pressure on fuel prices. These interventions followed earlier increases that sparked concerns among consumers that pump prices could rise to GH¢20 per litre or higher. Under the new pricing window, the minimum pump price for petrol has been set at GH¢16.09 per litre, while diesel has a minimum price of GH¢17.09 per litre.
However, consumers may pay different prices at various fuel stations, as the final pump prices will depend on the additional costs and profit margins applied by individual Oil Marketing Companies.
