GOIL PLC, Ghana’s leading indigenous oil marketing company, has announced a reduction in fuel prices, bringing much-needed relief to motorists. Effective September 2, 2024, the price of Super XP (Ron 91) has dropped to GH¢14.16 per liter, while Diesel XP now costs GH¢14.70 per liter. This reduction, attributed to declining global prices of refined petroleum products and a stable forex rate, is expected to benefit consumers across the country.
The price cut reflects a decrease in the cost of refined petroleum, with petrol and diesel prices falling to US$779.10 and US$712.80 per metric tonne, respectively. The reduction of 6 pesewas per liter for petrol and 20 pesewas per liter for diesel comes as a welcome development amid widespread concern over fuel costs in Ghana.
GOIL’s decision is anticipated to set a trend, encouraging other oil marketing companies to follow suit, further easing the financial burden on consumers. As the largest indigenous oil marketing company, GOIL’s move underscores its commitment to providing affordable fuel and supporting the economic welfare of Ghanaians.
However, the sustainability of this price reduction remains uncertain, given the volatile nature of global oil markets. Consumers and industry stakeholders alike will be watching closely to see how long these lower prices will hold.