Fuel prices fall further in June as Cedi strengthens

Fuel prices in Ghana are expected to drop further in June. This is due to the strengthening of the Ghanaian cedi against the US dollar.

The appreciation of the cedi has lowered import costs for petroleum products. Market watchers are optimistic that fuel prices will reflect these currency gains soon.

Some Oil Marketing Companies (OMCs) are already selling petrol and diesel above GHS13 per litre. This follows consistent reductions in recent pricing windows.

The Ghana Private Road Transport Union (GPRTU) announced a 15% cut in transport fares. They attribute this decision to falling fuel prices and a stable local currency.

This fare reduction indicates a broader economic impact from lower petroleum prices. Energy analysts noted that while pump prices fell in late May, they could have dropped more.

They believe OMCs should pass on the full benefits of reduced import costs to consumers. As the cedi maintains its strength, pressure will grow on fuel retailers for further price cuts.

Both industry players and consumers are watching closely as June begins. There are calls for greater transparency and fairness in petroleum pricing.