Petrol prices have started going down at fuel stations, with some Oil Marketing Companies (OMCs) adjusting their rates from November 19, 2024.

One of the biggest players in the industry, GOIL,reduced the price of petrol by 1.8%, now selling a litre at GH₵15.45.

This reflects a 29-pesewa decrease compared to two weeks ago.

However, the price of diesel remains the same, still selling at GH₵15.45 per litre.

These changes come from routine price reviews based on global market conditions and exchange rates.Meanwhile, some other Oil Marketing Companies told the media that they are in the process of reviewing their prices, though the exact margin of reduction remains unclear.

Ghana currently has over 150 Oil Marketing Companies in operation. The ongoing price adjustments align with the bi-weekly review system for petroleum products at the pumps.

Since September 2024, local fuel prices have been on the rise, reflecting increases in global crude oil prices.However, crude oil prices have recently declined, dropping from around $80 per barrel to the current rate of approximately $72 per barrel.

Industry experts, including the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, and Energy Analyst Dr. Yusif Suleman, have suggested that the extent of fuel price reductions in the coming days will largely depend on how the cedi performs.

According to Mr. Amoah, if the cedi continues to strengthen, consumers could see up to a 5% decrease in fuel prices at the pumps.

The cedi has been performing well against the US dollar recently, marking one of its longest periods of stability.

This improvement has been attributed to increased dollar support from the Bank of Ghana and reduced demand for foreign currency as the Christmas season approaches.

As of November 19, 2024, some commercial banks were selling the dollar at GH₵15.90.