Major OMC announces fuel price reduction in July; see latest prices

Motorists across Ghana are set to enjoy lower fuel prices as several oil marketing companies (OMCs) have started reducing pump prices at the beginning of the first pricing window of July.

The latest reductions mark the second consecutive pricing window in which consumers have benefited from lower fuel prices, driven by falling global crude oil prices, the continued strengthening of the Ghana cedi against the US dollar, and lower price floors announced by the National Petroleum Authority (NPA).

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State-owned GOIL is among the first companies to implement the new prices.The company has reduced the price of petrol from GH¢13.87 per litre to GH¢12.79 per litre, a decrease of GH¢1.08, representing 7.8%.

Diesel has also become cheaper at GOIL, with the price falling from GH¢15.95 per litre to GH¢15.35 per litre. This is a reduction of GH¢0.60 per litre, or 3.8%.

Star Oil has also announced lower pump prices.The company is now selling petrol at GH¢12.79 per litre, down from GH¢13.39 per litre in the second pricing window of June.

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The GH¢0.60 reduction represents a 4.5% decrease and matches the NPA's approved petrol price floor for the first pricing window of July.

Diesel prices at Star Oil have also dropped from GH¢15.93 per litre to GH¢14.95 per litre, representing a GH¢0.98 or 6.2% reduction.

Meanwhile, the price of RON 95 has been lowered slightly from GH¢15.77 per litre to GH¢15.75 per litre, a marginal decrease of GH¢0.02, or 0.1%.

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Earlier, the National Petroleum Authority announced new minimum price floors for the July pricing window, setting petrol at GH¢12.79 per litre, diesel at GH¢13.54 per litre, and liquefied petroleum gas (LPG) at GH¢10.11 per kilogram.

These price floors are the minimum prices that oil marketing companies and LPG marketers are allowed to charge during the current pricing window.

Industry observers expect more OMCs to announce similar price cuts in the coming days, a move that could reduce transport costs and provide some financial relief for households and businesses.