Ghana fuel prices drop as Star Oil cuts petrol to GH¢16.45
By: Nana Karikari, Senior Global Affairs Correspondent Ghanaian energy distributors have initiated downward adjustments to retail fuel prices as the second pricing window for October took effect on Friday morning. The price relief remains mixed across energy products, offering lower costs for transport fuels while inflicting a sharp price hike on domestic gas consumers. Initial […]
Ghanaian fuel prices have decreased as Star Oil lowered the price of petrol to GH¢16.45 per litre. This reduction occurred during the second pricing window of October, with other oil marketers (OMCs) also considering adjustments. While lower petrol and diesel prices benefit vehicle users, domestic gas consumers face a significant price increase of over 18 percent.
The projected costs for liquefied petroleum gas (LPG) are expected to reach around GH¢20.60 per kilogramme during this pricing cycle. Industry projections attribute the price changes to developments in the international petroleum market, fluctuating exchange rates, and recent government interventions. Global crude oil prices increased by 2.03 percent to an average of US$126.73 per barrel during the October 16 pricing window.
Despite rising crude costs, refined product markets saw different price trends. While international gas prices increased by 7.77 percent, refined diesel and petrol benchmarks fell by 6.68 percent and 3.93 percent, respectively. The Ghanaian cedi's depreciation against the US dollar, coupled with seasonal import demand and rising energy costs, has put pressure on local retail fuel pricing.
The National Petroleum Authority sets minimum price floors, which distribution brands must comply with while determining their pricing decisions. As the October pricing window continues, Ghanaian households and businesses must navigate a delicate balance, considering the relief in transport fuel prices and the steep rise in LPG prices.
Written by urgent.news from GBC Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
