As the first pricing window of September unfolds, Ghana’s fuel landscape is witnessing a flurry of price adjustments by major Oil Marketing Companies (OMCs), each charting its course in response to international and local market pressures.
It all began quietly, with most OMCs, except Star Oil, holding their pump prices steady, despite projections that petrol and diesel prices would climb in the new pricing period. But Star Oil soon broke the silence, announcing its second price hike for September’s first window. The company raised the price of diesel from GH¢16.97 to GH¢17.26 per litre, and petrol from GH¢14.97 to GH¢15.43 per litre, while keeping RON 95 unchanged at GH¢17.97 per litre. Star Oil attributed these changes to rising international prices for refined petroleum products, even as the Ghana cedi showed signs of strength.
In contrast, state-owned GOIL chose not to adjust its prices, maintaining those set in the previous window. Petrol at GOIL outlets remains at GH¢15.43 per litre, diesel at GH¢17.26, and Super XP 95 at GH¢17.97. The company explained its decision as an effort to offer consumers some relief at the pumps amid the ongoing price volatility.
Shell, another major player, also held its ground, keeping petrol at GH¢15.99 and diesel at GH¢17.59 per litre. Its premium V-Power fuel is retailing at GH¢17.99 per litre. Meanwhile, TotalEnergies nudged its petrol price upward from GH¢15.99 to GH¢16.18 per litre, though its diesel price remained at GH¢17.59. Excellium 95, the company’s premium offering, continues to sell at GH¢17.99 per litre.
These price movements reveal the complex, competitive dance among Ghana’s OMCs as they react to international refined product prices, shifts in the cedi’s strength, and each other’s strategies. With Brent crude hovering above $95 a barrel due to renewed tensions in the Middle East, the specter of further pump price hikes looms if global market pressures persist.
Regulatory agencies are also active. For September’s first window, the National Petroleum Authority (NPA) has raised the price floors, the minimum legal prices at which OMCs and LPG Marketing Companies can sell fuel. Petrol’s floor is now GH¢14.53 per litre (up from GH¢13.92 in August’s second window), and diesel’s floor is GH¢15.60 per litre (up from GH¢15.19). Only LPG saw a slight decrease, slipping to GH¢10.85 per kilogram.
These regulated floors set a baseline but exclude various industry premiums and margins, which each company determines independently within the guidelines.
To cushion consumers, the government has extended a GH¢2 per litre reduction in the regulatory margin on diesel into September’s window. This ongoing intervention aims to soften the blow from rising international prices as OMCs revise their pump prices.
As the month unfolds, all eyes will be on the pumps, and the international markets, to see if further adjustments lie ahead.
Source: Apexnewsgh.com