Ghana Fuel Prices Set For Big Drop From July 1, Petrol to Go as Low As GH¢12.69 Per Litre

• The Chamber of Petroleum Consumers announced that petrol, diesel, and LPG prices are expected to fall from Wednesday, July 1
• Global crude oil prices dropped by nearly 20%, from $97.32 to $78.16 per barrel, while the cedi appreciated against the dollar
• COPEC projected petrol to fall to GH¢13.36 per litre, diesel to GH¢14.10, and LPG to GH¢10.05 per kilogram

Fuel prices are expected to fall significantly from Wednesday, July 1, as global crude oil prices decline and the cedi records a marginal gain against the US dollar.

The Chamber of Petroleum Consumers says the combined effect of falling crude prices and currency movements will translate into lower pump prices for petrol, diesel, and LPG in the first pricing window of July.

Joy News reported that global crude oil prices have dropped by about 19.69%, from $97.32 per barrel to $78.16 per barrel.

The cedi also appreciated slightly, moving from an average interbank rate of $1:GHS11.8035 at the start of the current window to $1:GHS11.4333, representing a -3.14% movement.

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For petrol, the Chamber of Petroleum Consumers said that the FOB price has decreased from $988.77/MT to $920.34/MT, a fall of 6.92%, compounded by currency appreciation.

This translates into a projected retail price of about GH¢13.36 per litre, representing a 6.21% drop from the current mean price of GH¢14.24 per litre.

Petrol is therefore expected to sell between GH¢12.69 and GH¢14.03 per litre within a ±5% margin.

Diesel prices are also projected to ease significantly. The FOB price dropped from $1056.38/MT to $896.02/MT, representing a 15.18% decline.

With the cedi’s movement factored in, the Chamber of Petroleum Consumers estimates a retail price of GH¢14.10 per litre, down from the current mean of GH¢16.26 per litre, representing a 13.28% reduction. Diesel is expected to sell between GH¢13.39 and GH¢14.80 per litre.

For LPG, the FOB price declined from $652.65/MT to $548.50/MT, a 15.96% drop, alongside the cedi appreciation. Chamber of Petroleum Consumers projected a new average price of GH¢10.05 per kilogram. Within a ±5% range, LPG is expected to sell between GH¢9.54 and GH¢10.55 per kilogram.

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Effect of Iran war on fuel supply

Fuel prices saw sustained increases in the wake of the US war on Iran. Iran effectively stopped tankers from using the Strait of Hormuz, the shipping lane between the Persian Gulf and the Gulf of Oman.

The fuel price hike was being passed on to other services that Ghanaians depend on.

For example, the Ghana Private Road Transport Union had threatened to hike transport fares because of the increase in fuel prices. Increased transport fares also translate to increased fuel prices.

Following increased volatility on the international petroleum market, the government absorbed GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol.

These measures were effective on April 16, according to a statement from the government.

Iran targets commercial ships

Earlier, YEN.com.gh reported that Iran had targeted commercial ships and Dubai Airport, escalating regional tensions amid global energy concerns.

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Source: YEN.com.gh