Fuel prices in Ghana are set to decline by between 5% and 9% in the first pricing window of June, providing much-needed relief for consumers grappling with ongoing inflation.
This forecast comes from the Africa Sustainable Energy Centre (ASEC), which attributes the expected reduction mainly to the recent appreciation of the Ghanaian cedi against the US dollar.
According to ASEC’s latest market report, petrol is projected to sell for GHS 12.00 to GHS 12.60 per litre, while diesel is expected to retail between GHS 12.60 and GHS 13.20 per litre.
Ghana adjusts fuel prices every two weeks based on global oil prices, exchange rate movements, and import costs. While crude oil prices have fallen significantly from about $85 per barrel in January to around $64 currently, the strengthening of the cedi has had a more immediate impact on local pump prices.
The projected decline is likely to reduce transportation expenses and ease inflationary pressure, offering short-term relief to households and businesses.
However, ASEC warns that the continued drop in global oil prices could strain government revenues. As a net oil exporter, Ghana relies on petroleum exports for foreign exchange and budget support. With Brent crude prices down more than 24% since the start of the year, the country faces potential revenue shortfalls.
