Fuel Prices Drop as OMCs Slash Pump Rates in June Pricing Window

Consumers and businesses are set to enjoy some relief at the pumps as several Oil Marketing Companies (OMCs) begin reducing fuel prices at the start of the second pricing window of June.

State-owned GOIL is among the first companies to implement downward adjustments, citing favorable developments on the international petroleum market.

At GOIL stations, petrol now sells at GH¢13.87 per litre, down from GH¢15.20 per litre during the first pricing window of June. The reduction of GH¢1.33 per litre represents an 8.8 percent decrease.

Diesel prices at GOIL have also fallen, with the product now retailing at GH¢15.95 per litre, compared to GH¢16.50 per litre previously. This reflects a reduction of GH¢0.55 per litre, or 3.3 percent.

Star Oil has likewise revised its prices downward. Petrol is currently selling at GH¢13.85 per litre, a drop of GH¢1.35 from the previous price of GH¢15.20 per litre, translating into an 8.9 percent reduction.

Diesel at Star Oil is now priced at GH¢15.93 per litre, slightly lower than the GH¢15.99 per litre recorded during the first pricing window of June, representing a marginal decrease of GH¢0.06 per litre.

The latest price reductions are attributed to declining prices of refined petroleum products on the international market, driven largely by easing geopolitical tensions in the Middle East.

Market confidence improved following reports of a framework agreement between Iran and the United States aimed at reducing hostilities. The development has eased concerns over potential disruptions to global oil supplies, particularly through the Strait of Hormuz, a critical shipping route for crude oil exports.

The reductions come despite the government’s decision to withdraw the remaining diesel fuel price relief of GH¢1.07 per litre ahead of the commencement of the second pricing window on June 16. The move effectively ends all temporary fuel subsidies introduced to shield consumers and businesses from rising fuel costs linked to tensions in the Middle East.

Industry analysts say the significant decline in international petroleum prices has more than offset the impact of the withdrawal of the diesel relief programme, enabling OMCs to pass on the benefits to consumers.

More OMCs are expected to announce similar price adjustments in the coming days.

For the current pricing window, the regulator has set benchmark price floors of GH¢13.39 per litre for petrol and GH¢15.11 per litre for diesel, establishing the minimum pricing thresholds across the market.