Motorists in Ghana are expected to enjoy some relief at the pumps from today as Oil Marketing Companies (OMCs) begin implementing reduced fuel prices for the second pricing window of October.
According to reports, Petrol prices are projected to decline by nearly 2%, while diesel prices are expected to fall by 3.32%, despite the recent depreciation of the cedi, which could limit the benefits of lower international petroleum product prices.
The information gathered detailed that on a cash-purchase basis, petrol is expected to sell at GH¢17.67 per litre, while diesel is projected to retail at GH¢19.30 per litre.
The anticipated reductions follow the first pricing window of October, during which major OMCs maintained their pump prices, partly due to government interventions aimed at cushioning consumers against rising fuel costs.
Also, the interventions included agreements by the Sentuo Oil Refinery and the Tema Oil Refinery to maintain their petroleum product supply prices to Bulk Distribution Companies at levels recorded during the previous pricing window.
Meanwhile, the Mahama government have also suspended the GH¢1-per-litre dumsor levy on diesel for October, providing additional relief amid concerns that fuel prices could reach or exceed GH¢20 per litre following earlier increases.
Under the new pricing window, the minimum pump price for petrol is expected to be GH¢16.09 per litre, while diesel has a minimum price of GH¢17.09 per litre.
Nonetheless, the actual prices motorists pay may vary across fuel stations depending on the additional costs and profit margins applied by individual OMCs.
The projected reductions are expected to provide some relief to motorists and other fuel consumers, although the recent depreciation of the cedi could limit the extent of the price cuts.
Meanwhile, Godwin Edudzi Tamakloe, Chief Executive Officer of the National Petroleum Authority (NPA), has come under scrutiny after attributing recent fuel price hikes in Ghana to the ongoing war in the Middle East.
According to the NPA CEO, Ghana is currently facing an extraordinary situation as the conflict continues to disrupt global energy markets and increase the cost of transporting petroleum products.
Speaking on JoyNews’ PM Express, Edudzi Tamakloe cited International Energy Agency (IEA) reports which, he said, describe the current crisis as the worst since the 1970s.
He further pointed to rising insurance and shipping costs around the Strait of Hormuz as factors contributing to higher fuel prices.
According to Edudzi Tamakloe, the increased cost of operating in the region has contributed to the pressures currently affecting fuel prices.
Edudzi Tamakloe stated, “In fact, the International Energy Agency reports that this current crisis is, let me say, the worst since the 1970s. So what it tells you is that we are facing a certain extraordinary situation.
I’ll give you another example. Prior to the war, the insurance premium paid was about $50. Today it’s about $220. Vessels that move around the Strait of Hormuz: the crew, you needed $12,000 to manage the crew on board.
Today, if you look at the data from the Ghana Maritime Authority, it is between $50,000 and $80,000. What it means is that it has become more expensive to do any undertaking within the Strait of Hormuz, which has culminated in the kind of scenarios that we are having today.”
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