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The Chamber of Petroleum Consumers Ghana (COPEC) has disclosed that several Oil Marketing Companies (OMCs) have begun reducing fuel prices at the pumps within the ongoing pricing window.

According to COPEC, these price cuts are consistent with recent declines in international refined petroleum prices, a relatively stable exchange rate, and heightened competition in Ghana’s liberalised downstream petroleum market.

This was contained in a statement issued on January 6 and signed by the Executive Secretary of COPEC, Duncan Amoah.

Mr Amoah explained that a review of prevailing pump prices shows petrol (Super) selling at GH¢10.56 per litre at Star Oil, GH¢10.99 at GOIL, and GH¢11.68 at TotalEnergies. This reflects a price variation of about 4.1 per cent between Star Oil and GOIL, and roughly 10.6 per cent between Star Oil and TotalEnergies. Diesel prices range from GH¢11.56 at Star Oil to GH¢11.96 at GOIL and GH¢12.38 at TotalEnergies. Premium petrol (RON 95) is currently priced at GH¢12.96 at Star Oil, while GOIL and TotalEnergies sell it at approximately GH¢13.97 to GH¢13.98.

In light of this, COPEC has called on OMCs that are yet to adjust their prices within the current pricing cycle to act swiftly, so that pump prices accurately reflect market realities and protect the interests of consumers.

The chamber praised OMCs that have already taken steps to reduce prices in response to movements on the international market.

COPEC further emphasised that timely and fair fuel pricing plays a critical role in easing the financial burden on households, transport operators, and businesses.

Additionally, it appealed to commercial transport operators, including ride-hailing platforms such as Bolt, Uber, and Yango, to review and lower their fares in line with the recent reductions in ex-pump fuel prices.

Mr Amoah stressed that consumers should fully benefit whenever both global and domestic market conditions improve. He added that COPEC will continue to closely monitor fuel price trends across fuel stations nationwide and engage relevant stakeholders to ensure transparency, fairness, accountability, and responsiveness within the downstream petroleum sector.