Government keeps GH¢2 diesel price cut for September

The government has extended its GH¢2 per litre reduction in diesel prices for the first pricing window of September, aiming to shield consumers from escalating fuel costs. A government insider confirmed this decision to Myjoyonline.com, stating it was prompted by worries about potential price hikes at fuel stations. The reduction, initially set for two pricing windows and originally due to expire at the end of August, will now persist for at least one more period.

This action avoids the complete restoration of the full regulatory margin to diesel prices. At present, diesel is priced around GH¢17 per litre at most Oil Marketing Companies (OMCs). This extension is anticipated to alleviate some pressure on motorists, commercial transport operators, and businesses that heavily depend on diesel, especially with international crude oil prices on the rise.

The government initiated the reduction on August 4 in response to a spike in global oil prices. This marks the third intervention by the government to provide relief to consumers facing higher fuel expenses.