Fuel Prices Drop Significantly Across Ghana as November Window Takes Effect

Business
Written By Dela Michel

Photo credit- Unsplash

Accra, Ghana — Fuel prices across Ghana have fallen sharply as the November pricing window took effect today, delivering long-awaited relief to consumers and transport operators.

Data from the Chamber of Oil Marketing Companies (COoMAC) show that petrol prices have dropped by up to 5.21%, diesel by 6.03% to 8.13%, and liquefied petroleum gas (LPG) by 6.66%.

At major filling stations in Accra, Kumasi, and Takoradi, petrol now sells at roughly GH¢ 12.92 per litre, down from GH¢ 13.93, while diesel averages GH¢ 13.10, compared to GH¢ 14.56 in the previous window. LPG trades at about GH¢ 13.60 per kilogram.

The drop is largely attributed to two key factors a decline in global crude oil prices and the appreciation of the Ghanaian cedi. Global oil prices have fallen to a five-month low of US$62.82 per barrel, while the cedi strengthened by 11.22%, moving from GH¢12.63 to GH¢11.21 against the US dollar during the last pricing window.

“This combination of global and local improvements created room for a significant price adjustment this month,” COoMAC said in its statement.

Transport unions say the reduction could influence ongoing discussions about possible fare adjustments.
“We are reviewing the new prices and will communicate any decision soon,” said Yaw Barimah, a representative of the Ghana Private Road Transport Union (GPRTU).

The price cuts are also expected to ease inflationary pressures and lower operational costs for businesses dependent on logistics and transport.

Analysts, however, caution that future adjustments will depend on how stable the cedi and global oil markets remain. Any reversal in the exchange rate or crude price hikes could offset the current gains.

For now, consumers are welcoming what many describe as “a rare good news” at the pumps as November begins.

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Dela Michel https://www.dmmediaonline.com
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