Dr. Riverson Oppong, the big boss of the Association of Oil Marketing Companies (AOMCs), has some great news for everyone in Ghana! He says that if the cedi (that’s Ghana’s money) stays strong, we might see fuel prices drop a lot soon.
During a chat on JoyNews’ PM Express on May 26, Dr. Oppong shared that petrol could go down to just GH¢12 per litre in the next pricing update. “Trust me, we’re hoping to see petrol at GH¢12 soon,” he said. He mentioned that we’ll know more by Thursday if the cedi keeps doing well.
Dr. Oppong explained that the strength of the cedi is super important. It helps lower the prices we pay for fuel because it affects how we change international prices from US dollars to Ghana cedis. “The cedi is a big deal when we’re figuring out prices,” he added.
Good news! Dr. Oppong said that prices have already dropped a bit. “From May 15 to May 30, we’ve seen prices go down by about 6 to 10%,” he shared. That’s a nice break for everyone who drives or uses fuel!
While this is awesome for us, Dr. Oppong also mentioned that it can be tough for the government. When fuel prices go down, the government makes less money from fuel sales. “We’re happy about lower prices, but it also means less money for the government,” he explained.
Dr. Oppong is hopeful that if the cedi stays strong and oil prices around the world don’t change much, we could keep seeing lower fuel prices. “If international prices stay steady, we can be proud to help our consumers,” he said.
His comments come at a time when everyone is excited about the possibility of even lower prices at the gas station, especially after the cedi has been doing well and global oil prices have eased up.
The next pricing update is coming up this week, and everyone is waiting to see if the GH¢12 per litre prediction will come true. Fingers crossed for more good news!