Ghanaians may see fuel price reductions from May 1 — COMAC

The Chief Executive Officer of the Chamber of Oil Marketing Companies, Ghana (COMAC), Dr Riverson Oppong, has stated that possible fuel price reductions may occur in the next pricing window.

Fuel prices have seen frequent increases globally since coordinated military action in Iran by the United States and Israel, which has disrupted fuel supply through the Strait of Hormuz.

To cushion consumers amid the pressure, the government of Ghana has begun a one-month fuel subsidy, absorbing GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol.

The Strait of Hormuz has also been opened until the expiration of a two-week ceasefire, which is set to end on Wednesday, April 22.

Speaking on Accra-based TV3’s KeyPoint programme on Saturday, April 18, COMAC Dr Riverson Oppong explained that the nature of the pricing cycles make immediate adjustments at the pump impossible.

“We operate an average pricing window, and what we are selling in this window was bought in the previous pricing window,” he said.

He added: “So we should expect the reduction coming up from the next window, which is 1st of May, where we will for sure see fuel prices coming down.”

He, however, stressed that global supply dynamics remain the key driver of fuel pricing trends in Ghana.