Fuel prices in Ghana are projected to decline further in the first pricing window of June, as the cedi strengthens against the US dollar.
With import costs easing, it remains to be seen how much of the currency gains will be passed on at the pumps.
Fuel prices have been on a consistent decline across recent pricing windows, with some Oil Marketing Companies selling petrol and diesel slightly above GHS13 per litre.
The strengthening of the cedi remains the main driver behind the sustained downward adjustment in petroleum product prices.
Market watchers anticipate further reductions in the coming days, citing the local currency’s stability and declining import costs. In the last pricing window of May, energy analysts argued that prices could have dropped more significantly, even though pump prices were revised downwards.
The broader impact is already showing, with the Ghana Private Road Transport Union (GPRTU) directing a 15% cut in transport fares—citing the combined effect of falling fuel prices and relative exchange rate stability.
As the cedi holds its gains, pressure is likely to build on retailers to reflect the currency advantage more fully in pump prices.
SOURCE: CITINEWSROOM
