GOIL, Star Oil cut fuel prices as Global Petroleum costs decline
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.
Among the first to implement the price cuts is state-owned GOIL, which has adjusted its pump prices downward in response to declining international petroleum product prices.
At GOIL stations, petrol is now selling 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 represents an 8.8 per cent decrease.
Diesel prices have also fallen, with the product now retailing at GH¢15.95 per litre compared to GH¢16.50 previously, reflecting a reduction of GH¢0.55 or 3.3 per cent.
Star Oil has similarly revised its prices downward. Petrol is currently selling at GH¢13.85 per litre, down GH¢1.35 from GH¢15.20 per litre, representing an 8.9 per cent decline.
Diesel at Star Oil is now priced at GH¢15.93 per litre, slightly lower than the GH¢15.99 recorded during the first pricing window of June, amounting to a marginal reduction of 0.4 per cent.
The latest price adjustments have been driven largely by falling international refined petroleum product prices, supported 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 tensions in the region. The development has eased concerns about potential disruptions to global oil supplies through the Strait of Hormuz, a critical shipping route for crude oil and petroleum products.
The reduction in fuel prices comes despite the government’s decision to discontinue the remaining diesel price relief of GH¢1.07 per litre before the commencement of the second pricing window on June 16.
The withdrawal effectively ended all temporary fuel price support measures introduced to shield consumers and businesses from rising petroleum costs linked to tensions in the Middle East.
Industry analysts say the significant decline in international fuel prices has more than offset the impact of the removal of the diesel relief programme, enabling OMCs to pass on savings to consumers.
More fuel retailers are expected to announce price reductions in the coming days as market conditions continue to improve.
For the current pricing window, the regulator has established benchmark price floors of GH¢13.39 per litre for petrol and GH¢15.11 per litre for diesel, setting the minimum allowable prices across the market.
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