Dr. Riverson Oppong, the CEO of the Association of Oil Marketing Companies (AOMCs), announced that petrol prices in Ghana could fall to as low as GH¢12 per litre by Thursday, May 29, if the cedi continues to strengthen against the US dollar.
Speaking during an interview on JoyNews’ PM Express on Monday, Dr. Oppong highlighted the significant role that the cedi’s appreciation plays in reducing fuel costs.
“We’ve seen about an average of six to 10% decrease in fuel prices from May 15 to May 30,” he stated. The projected reduction is attributed to favorable forex calculations influenced by the cedi’s stability.
Dr. Oppong emphasized that while this price drop would bring relief to consumers at the pump, it could also lead to challenges regarding government revenue from upstream oil operations.
“As we are happy with the downstream effect—that is, the fuel price going down at the pump level—you also see that there is revenue reduction in upstream,” he explained.
The AOMC CEO remains optimistic about maintaining this trend, indicating that stable international benchmark prices will support further reductions.
“With the plateauing of international prices, we are likely to see that, and we shall be proud to have that effect on our consumers,” he added.
