Ghanaian oil marketing companies have lowered petrol prices in the middle of the month after keeping them steady in early August.
This week, some well-known brands made small price reductions, providing consumers with relief despite earlier forecasts that suggested price increases.
In contrast to the Chamber of Oil Marketing Companies’ forecasts that predicted marginal diesel decreases and slight petrol increases, initial market observations revealed little movement when the new pricing window opened.
Shell and TotalEnergies stations reduced the price of gasoline from over ₵13.30 to ₵12.89 per liter by the middle of the week.
Market leader Star Oil made the biggest cut, lowering petrol prices from ₵12.59 to ₵11.97. Puma Energy also lowered petrol prices from ₵12.69 to ₵12.30. Littler changes were made to diesel, with Star Oil reducing it from ₵13.99 to ₵13.97.
The downward trend was not followed by all companies. Energy thus raised the price of both fuels, increasing diesel to 13.99 from 13.20 and petrol to 11.99 from 11.20.
Diesel prices now range from 13.97 to 14.33, while petrol prices now range from 11.97 to 12.89 due to this countermove. High-end fuel products didn’t change.
The mid-window reductions are in line with Ghana’s biweekly pricing model, which takes inventory levels, cedi stability, and worldwide oil trends into account.
Analysts credit new cargo arrivals and favorable supply conditions for the change.
The mixed pricing environment creates uncertainty for the second half of the window while offering a brief reprieve from the strains of living expenses.
