The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has provided a detailed update on the current fuel price reductions across various Oil Marketing Companies (OMCs) in Ghana.
According to Amoah, the entire downstream market is witnessing significant reductions, with more OMCs expected to adjust their prices downward. He also highlighted Star Oil’s notable price decrease, which had not been mentioned in earlier reports. Amoah emphasized the widespread nature of the price cuts, noting that most OMCs are moving in the same direction.
“By the close of day today, it is quite likely you will get almost all the other oil marketing companies also adjust downwards.”
Duncan Amoah the Executive Secretary of the Chamber of Petroleum Consumers (COPEC)
This aligns with the expectations that the reductions will become more apparent across the market, benefiting consumers. In addition to Star Oil’s price reduction, Amoah mentioned that GOIL has also revised its prices, with the price of diesel dropping significantly.
“There was the issue of the price of diesel. GOIL is currently trading around 13 Ghana cedis and not the 14.”
Duncan Amoah the Executive Secretary of the Chamber of Petroleum Consumers (COPEC)
Amoah suggested that the price decrease has exceeded expectations for both consumers and market analysts alike.
Exceeding Market Projections
Amoah highlighted the fact that the current reductions have surpassed COPEC’s initial projections. “This time around, it exceeded what our projections even were,” Amoah remarked. According to their analysis, the expected drop in fuel prices was estimated to be between 4-5%. However, the market responded with reductions closer to 8%, offering even greater relief for consumers.
Amoah added, “We were looking at between 4-5%. The market has responded with about 8%.” This development brings positive news for fuel consumers who have been contending with fluctuating fuel prices in recent months. The reduction is particularly significant given that fuel prices directly affect the cost of transportation and goods, which impacts the everyday lives of Ghanaians.
A Positive Development for Consumers
Amoah lauded this reduction as a positive development for consumers. He noted that frequent fuel buyers, such as those who rely on vehicles for their daily commuting, will feel the impact of the price cut the most. He reiterated; “Overall, that should be some good news for those of us running the streets, buying fuel morning to evening, and this for us is a very positive development.”
Amoah pointed out that the decrease in fuel prices will help reduce transportation costs and offer financial relief to the general public. Given the volatility of global fuel prices and their impact on local markets, any reduction—particularly one that surpasses expectations—provides a welcome reprieve for consumers.
“For the first time in a long while, we don’t have a situation where there’s a price decline and authorities, especially the NPA, are in a hurry to input some taxes or scale up on some existing taxes to deny you and I that reduction.”
Duncan Amoah the Executive Secretary of the Chamber of Petroleum Consumers (COPEC)
This comment underscored a common concern among Ghanaians, that price reductions in the market are often met with increases in taxes or levies, which diminish the benefits of lower prices. The absence of such measures during this round of price cuts means that consumers can enjoy the full impact of the reduction.
Prospects for Further Reductions in October
Looking ahead, Amoah expressed optimism that this trend of declining fuel prices could continue in the coming days. He pointed out that; “If the market is allowed to stay this way, maybe the first window [ in] October could also portend some further reductions for Ghanaians.”
This sentiment reflected a broader hope that the global fuel market, as well as domestic regulatory bodies, will maintain the current downward trajectory, leading to even lower fuel prices shortly. The reduction in fuel prices across various OMCs marks a positive development for consumers in Ghana. With significant drops in the price of diesel and petrol, particularly at GOIL and Star Oil, the reductions have exceeded expectations, providing much-needed relief to the public.
Duncan Amoah’s remarks highlighted the broader market trends and suggest that, for the first time in a long while, consumers are not being met with new taxes or levies that undercut the benefits of the price cut. Furthermore, Amoah’s optimism for potential further reductions in October gives hope that the current downward trend may continue, providing even greater relief in the months ahead.
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