Fuel Prices to Drop as Cedi Strengthens Against Dollar

Ghanaians can expect significant reductions in fuel prices following the cedi’s recent gains against the US dollar, according to the Chamber of Petroleum Consumers (COPEC).

Executive Director Duncan Amoah confirmed that while only two oil marketing companies had implemented price cuts as of May 16, broader decreases of 3-5% for petrol, 4-8% for diesel, and about 10% for LPG are anticipated in the coming days.

“Prices are expected to go down significantly today,” Amoah stated during an interview with TV3’s News Central. He noted that GOIL had already reduced petrol prices by 32 pesewas per liter, but expressed disappointment that more companies hadn’t yet followed suit. COPEC warned it would advise consumers to boycott any oil marketing companies that fail to adjust prices appropriately, with Amoah emphasizing, “We’ll name and shame non-compliant OMCs if necessary.”

The projected price drops come as welcome relief for consumers facing economic pressures. Market analysts suggest the reductions could stimulate economic activity if sustained, though they caution that global oil market volatility remains a factor.