We expect significant reduction in prices of petroleum products in coming weeks – CEO AOMC

Dr. Riverson Oppong, CEO of the Association of Oil Marketing Companies (AOMC), has announced that consumers can expect significant reductions in petroleum product prices at the pumps in the coming weeks.

This is due to improved supply and the Ghanaian cedi’s recent stability against the US dollar.

Oppong attributed the previous price hikes to fuel shortages and the cedi's depreciation, which hindered price reductions.

He noted that if the cedi had remained stable earlier in the year, fuel prices could have dropped by 11-17%.

While there are still challenges with some Bulk Oil Storage and Transportation (BOST) tank farms and the Gold for Oil programme, the overall supply situation has improved, ensuring no future shortages.