Ghanaians could soon see a significant drop in fuel prices if the Ghanaian cedi maintains its recent stability, according to Dr. Riverson Oppong, Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs).

Speaking on JoyNews on Monday, May 26, Dr. Oppong projected that petrol prices could fall to as low as GH¢12 per litre in the upcoming pricing window.

“Believe me, in the next window, we are even foreseeing petrol selling for GH¢12,” he stated. “The forecast will be clearer by Thursday if the cedi continues its stable performance.”

Dr. Oppong explained that the strength of the local currency is now a major factor in reducing fuel costs, particularly due to its impact on the conversion of global fuel prices from U.S. dollars into Ghana cedis.

“As far as the cedi is also a very big factor in the forex calculation—that’s converting from USD to cedi—we also have that affecting the pump price,” he noted.

He added that consumers have already begun to benefit from declining prices, with an average reduction of 6% to 10% recorded between May 15 and May 30.

While the falling prices are welcome news for consumers, Dr. Oppong pointed out that there could be downsides for government revenue.

“As we are happy with the downstream effect—that is, fuel price reductions at the pump—you also see that there is a revenue reduction upstream,” he explained.

He expressed optimism that if the cedi remains strong and global oil prices stay relatively stable, the downward trend in fuel prices could continue.

“With the plateauing of international benchmark prices, we are likely to see further reductions, and we’ll be proud to have that effect passed on to the consumer,” he said.

His remarks come amid growing public hope for continued fuel price relief, driven by the appreciating cedi and softer international oil prices. The next pricing window opens this week, and all eyes are now on whether the predicted GH¢12 per litre petrol price will become a reality.