Ghana's people will pay less for fuel during June's first price change period. The Africa Sustainable Energy Centre says fuel costs could fall between 5% and 9%. Ghana's money became stronger against the US dollar recently. This stronger currency makes buying oil from other countries cheaper. Lower fuel prices will help families and businesses save money.
The cedi's strength against the dollar cuts costs for oil companies that bring fuel into Ghana. Petrol might cost between 12.00 and 12.60 cedis per liter. Diesel could sell for 12.60 to 13.20 cedis per liter. Companies change fuel prices every two weeks based on world oil markets and currency values. Global oil prices fell from 85 dollars per barrel in January to around 64 dollars recently.
Cheaper fuel will make transport costs go down and help people spend less money. Ghana sells crude oil to other countries and might earn less money if world prices keep falling. The government may need to pump more oil to make up for lost earnings. Brent crude oil lost over 24% of its value since January started. Oil prices might stay between 62 and 65 dollars per barrel because more countries produce oil and fewer people want to buy it.
The cedi's strength against the dollar cuts costs for oil companies that bring fuel into Ghana. Petrol might cost between 12.00 and 12.60 cedis per liter. Diesel could sell for 12.60 to 13.20 cedis per liter. Companies change fuel prices every two weeks based on world oil markets and currency values. Global oil prices fell from 85 dollars per barrel in January to around 64 dollars recently.
Cheaper fuel will make transport costs go down and help people spend less money. Ghana sells crude oil to other countries and might earn less money if world prices keep falling. The government may need to pump more oil to make up for lost earnings. Brent crude oil lost over 24% of its value since January started. Oil prices might stay between 62 and 65 dollars per barrel because more countries produce oil and fewer people want to buy it.
