Fuel prices in Ghana are projected to decline further in the first pricing window of June, driven by the continued strengthening of the Ghanaian cedi against the US dollar.

The appreciation of the cedi has eased import costs for petroleum products, prompting optimism among market watchers that fuel prices at the pumps will reflect the currency gains in the coming days.

Some Oil Marketing Companies (OMCs) are already selling petrol and diesel slightly above GHS13 per litre, following consistent reductions over recent pricing windows.

The Ghana Private Road Transport Union (GPRTU) recently announced a 15% reduction in transport fares, attributing the decision to the combined effect of falling fuel prices and the relative stability of the local currency.

The fare cut is being seen as an early indication of the broader economic impact of the downward trend in petroleum prices.

Energy analysts have noted that while pump prices were revised downward in the final pricing window of May, the reductions could have been steeper.

They argue that OMCs should be more responsive in passing on the full benefits of reduced import costs to consumers.

As the cedi continues to hold its gains, pressure is expected to mount on fuel retailers to make further price cuts, ensuring consumers feel the full impact of the currency’s strength.

Industry players and consumers alike are now watching closely to see how the market responds during the first half of June, amid calls for greater transparency and fairness in petroleum pricing.