'Fuel could sell at GH¢12 by Thursday' - OMC boss pins hope on cedi stability

The Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs) says Ghanaians may soon see lower fuel prices. This will happen if the cedi remains stable.

Dr. Riverson Oppong spoke on JoyNews’ PM Express on May 26. He projected petrol could drop to GH¢12 per litre in the next pricing window. “If the cedi holds steady, we foresee petrol selling for ¢12,” he said.

He explained that a strong cedi helps reduce consumer costs. This is especially true when converting international fuel prices from dollars to cedis. “The cedi is a big factor in forex calculations,” he noted.

Dr. Oppong mentioned signs of price reductions are already visible. “We’ve seen an average decrease of six to ten percent from May 15 to 30,” he disclosed.

While this news is good for consumers, it poses challenges for government revenue. “Lower pump prices mean reduced revenue in upstream sectors,” he explained.

He remains optimistic about maintaining this trend with a strong cedi and stable international market conditions. “With stable international benchmark prices, we can help our consumers,” he added.

Dr. Oppong’s comments come as Ghanaians hope for further relief at the pumps. This follows weeks of currency appreciation and easing global oil prices.

The next pricing window starts this week, raising anticipation about whether petrol will reach GH¢12 per litre.