Fuel may sell at GH¢12 by Thursday – OMC boss

Fuel prices could drop to GH¢12 per litre by Thursday if the cedi stays stable. This is according to Dr. Riverson Oppong, CEO of the Association of Oil Marketing Companies (AOMCs).

Speaking on PM Express on May 26, Dr. Oppong said the next pricing window could bring significant relief for consumers. “Believe me, in the next window, we are even foreseeing petrol selling for ¢12,” he said. “The forecast will be by Thursday if the cedi continues with its stability.”

He explained that exchange rate stability is playing a key role. A strong cedi reduces the cost of converting international fuel prices to local currency. “As far as the cedi is also a huge factor in the forex calculation, that’s converting from USD to cedi, we also have that affecting the pump price,” he noted.

Between May 15 and 30, the industry has seen average price reductions of 6% to 10%. However, there is a downside. Dr. Oppong warned that falling prices could impact government revenue from the upstream sector.

“As we are happy with the downstream effect, that is, the fuel price going down, you also see that there is revenue reduction in the upstream,” he explained.

Despite this, he remains hopeful. Stable international benchmarks and a stronger cedi could keep prices down. “With the plateauing of international benchmark prices, we are likely to see that,” he added. “We shall be proud to have that effect on our consumer.”

His remarks come as Ghanaians look forward to cheaper fuel, following weeks of cedi gains and easing global oil prices. All eyes are now on Thursday’s pricing window to see if the GH¢12 forecast becomes a reality.