GOIL reduces fuel prices for the fourth time in two months

Ghana's state-owned oil marketing company GOIL has slashed fuel prices for the fourth time in two months, providing much needed relief to consumers amidst rising cost of living.

In its latest announcement on Monday, September 16, GOIL stated it had reduced the prices of Super XP, Diesel XP and Super XP 95 petrol with effect from 6am.

Super XP is now GHS12.99 per litre, Diesel XP GHS14.49, and Super XP 95 GHS15.49.

This represents the fourth consecutive reduction in fuel prices GOIL has implemented since early August this year.

In its first round of cuts on August 5, Super XP was reduced to GHS14.42 from GHS14.99, Diesel XP to GHS14.99 from GHS15.52, and Super XP 95 to GHS15.52 from GHS15.72.

GOIL followed up with another round of cuts on August 16, lowering Super XP to GHS14.22, Diesel XP to GHS14.90, and Super XP 95 to GHS15.62.

It proceeded to cut prices again on September 2, setting Super XP at GHS14.16, Diesel XP GHS14.70, and Super XP 95 GHS15.66.

This comes after the Chamber of Petroleum Consumers (COPEC) projected a reduction in fuel prices in the upcoming pricing window, which starts today, Monday, September 16.

COPEC estimates an average reduction of approximately 4% across petrol, diesel, and LPG, offering relief to consumers amid ongoing global fluctuations in petroleum prices.

"Barring any unforeseen major changes in global Petroleum FOB prices, indications across the downstream petroleum market are that the pump retail prices of Petrol, Diesel, and LPG are to go down to the benefit of consumers come the next window beginning 16 September 2024," stated COPEC's Executive Secretary, Duncan Amoah.