Ghana: Cedi Depreciation Spikes Fuel Prices Higher In June


The continuous depreciation of the Ghanaian Cedi against international currencies especially the US dollar has pushed fuel prices higher for the first pricing window in June, can report.

Although both crude oil and refined petroleum products prices have been declining on the international market since May, the poor performance of the local currency has pushed petroleum prices upward at the pumps, with petrol selling between Gh¢14.84 and Gh¢13.88 per litre while diesel is selling between Gh¢14.84 and Gu¢13.99 per litre.

Data from the National Petroleum Authority, the petroleum downstream regulator, showed that the prices of refined petroleum products, namely petrol and diesel declined to US$851.73 and US$749.70 per metric tonne during the second pricing window in May.

Though NPA quoted an exchange rate of Gh¢14.47 to US$1, commercial bank average rates compiled by the Research Desk of Ghana Chamber of Bulk Oil Distributors (CBOD) on May 20, 2024, showed that forex rates were between Gh¢14.70 and Gh¢14.80 to US$1.

At the Forex Bureaus, a US dollar was exchanged for more than Gh¢15.

Currently, GOIL is selling petrol (Ron 91) at Gh¢14.60 per litre while petrol (Ron 95) is sold at Gh¢15.60 with diesel being sold at Gh¢14.75 per litre.

Shell is selling both petrol and diesel at Gh¢14.84 per litre.

TotalEnergies is selling both petrol and diesel at Gh¢14.65 per litre.

Star Oil is selling petrol at Gh¢13.88 per litre while diesel is sold at Gh¢14.25 per litre.

Puma is selling petrol at Gh¢14.45 per litre while diesel is sold at Gh¢14.60 per litre.