Fuel Prices May Drop to GH¢12 by Thursday – AOMC Boss Credits Cedi Stability
Ghanaians could see a notable drop in fuel prices this week, with petrol potentially selling for as low as GH¢12 per litre, according to the Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs), Dr. Riverson Oppong.
Speaking on JoyNews’ PM Express on Monday, May 26, Dr. Oppong expressed optimism that if the Ghanaian cedi maintains its recent stability, the next fuel pricing window—expected by Thursday—could usher in significant relief at the pumps.
“Believe me, in the next window, we are even foreseeing petrol selling for ¢12,” he stated. “The forecast will be by Thursday if the cedi continues with its stability.”
He emphasized that the stability of the local currency has become a key factor in reducing fuel costs, especially in converting international fuel prices from U.S. dollars to Ghana 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,” Dr. Oppong explained.
He also noted that the industry has already begun to observe price reductions. “We’ve seen about an average of six to 10% decrease coming from the 15th to 30th of May,” he revealed.
The anticipated drop in prices would offer welcome relief to consumers amid ongoing economic challenges.
