GOIL, Star Oil Cut Fuel Prices 1% to 3% as May Pricing Begins
Ghanaian oil marketing companies GOIL and Star Oil have lowered pump prices for petrol and diesel, with petrol falling to GHS 13.25 per litre and diesel seeing reductions of up to GHS 0.55. This adjustment reflects slightly lower global oil prices and internal market improvements. The National Petroleum Authority also set new price floors, but LPG prices increased sharply. These changes offer some relief but further adjustments are expected based on global trends and the cedi's exchange rate.
GOIL and Star Oil have reduced fuel pump prices for petrol and diesel at the start of May. Petrol now sells at GHS 13.25 per litre at both companies. Diesel prices have fallen to GHS 15.66 per litre at GOIL and GHS 15.55 per litre at Star Oil.
These reductions follow slight improvements in the downstream petroleum market. GOIL’s petrol price decreased marginally from GHS 13.27 per litre. Diesel at GOIL saw a more significant drop from GHS 16.10 per litre. Star Oil's diesel also fell from GHS 16.10 per litre, providing greater relief for users of this fuel.
This adjustment aligns with broader economic trends impacting Ghanaian consumers. Analysts had anticipated a modest easing of fuel prices for this period. Lower global oil prices are a key factor in these reductions. Government and industry efforts also aim to alleviate the financial burden on citizens.
The National Petroleum Authority (NPA) confirmed these market shifts by adjusting its price floors. The NPA set the minimum petrol price at GHS 13.25 per litre. Diesel's minimum price saw a larger decrease to GHS 14.30 per litre, down from GHS 16.10. However, the NPA also increased the price floor for LPG sharply to GHS 13.02 per kilogram, up from GHS 10.79.
More oil marketing companies are expected to review their prices in the coming days. These future adjustments will depend on global oil market trends. Movements in the Ghana cedi's exchange rate against major currencies will also influence pricing. Consumers should monitor these factors for further fuel price changes.
The reduction in petrol and diesel prices offers some relief for transport operators and households. However, the rise in LPG prices could impact other sectors and consumers. These varied price movements highlight the complex dynamics of Ghana's energy market. The government’s fiscal policy and the cedi’s stability will remain crucial for managing fuel costs going forward. Further data from the National Petroleum Authority will provide additional insight into market developments.
Source: StatsGH — Ghana's data-driven news platform