Petrol, Diesel and LPG Prices To Fall In Second June Pricing Window

Fuel prices are expected to drop drastically nationwide starting on June 16, providing drivers with a great deal of relief at the pump.

According to the Chamber of Oil Marketing Companies' (COMAC) most recent pricing projection, there will be price reductions for petrol, diesel and LPG during the second pricing window in June.

Prices for petrol are predicted to drop by up to 9.31%, which is the most significant reduction to be seen. 

A litre of petrol might retail for roughly GH14.72 if oil marketing companies implement the whole reduction, which would be one of the greatest declines in fuel prices in recent times.

Diesel costs are also anticipated to drop, with a litre likely to sell for about GH¢17.02, especially for oil marketing firms that purchase products from bulk oil distributors on credit.

A kilogram of LPG is anticipated to sell for roughly GH¢17.20 as prices are predicted to slightly decline.

Industry experts claim that if the cedi did not suffer a recent depreciation, the decline may have been far more significant.

The local currency lost 2.45% of its value over the price period, from GH¢11.59 to GH¢11.80 per US dollar, according to COMAC.

Meanwhile, new price floors for the June 16–30 pricing window have been issued by the National Petroleum Authority (NPA).

In the first half of June, the price floor for petrol was GH15.20 per litre; now, it is GH13.39 per litre.

Additionally, the price floor for diesel was decreased from GH¢15.49 to GH¢15.11 per litre.

No oil marketing company is expected to sell below the authorised rates because the NPA has instructed industry participants to adhere to the new price floors.