The Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs), Dr. Riverson Oppong, says Ghanaians may soon enjoy significantly lower fuel prices if the cedi maintains its recent stability.
Speaking on JoyNews’ PM Express on Monday, May 26, Dr. Oppong projected that petrol could drop to as low as GH¢12 per litre by the next pricing window.
“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 the strength of the local currency is now playing a major role in bringing relief to consumers, especially in the conversion of international fuel prices from US dollars to Ghana cedis.
“As far as the cedi is also a very big factor in the forex calculation—that’s converting from USD to cedi—we also have that affecting the pump price,” he noted.
According to Dr. Oppong, the industry has already seen a reduction in prices. “We’ve seen about an average of six to 10% decrease coming from the 15th to 30th of May,” he disclosed.
While the development is good news for consumers, he noted that it also presents challenges for government revenue.
“As we are happy with the downstream effect—that is, the fuel price going down at the pump level—you also see that there is revenue reduction in upstream,” he explained.
Dr. Oppong expressed optimism that a strong cedi combined with stable international oil prices could help sustain the downward trend in fuel prices.
“With the plateauing of the international benchmark prices, we are likely to see that, and we shall be proud to have that effect on our consumer,” he added.
His comments come at a time when expectations are high for further relief at the pumps, following weeks of currency appreciation and easing global oil prices.
The next pricing window begins this week, with attention now focused on whether the GH¢12 per litre forecast will materialise.
