Despite recent global shocks, economy remains resilient - Dr Ato Forson

At the start of the second pricing window of April, some Oil Marketing Companies (OMCs) have begun adjusting pump prices – reflecting a modest easing much to the consuming public’s relief.

Star Oil has reduced its prices in line with the new minimum pricing benchmarks set by the National Petroleum Authority for the second pricing window of April. Petrol has been cut by 3 pesewas per litre from GH¢13.30 to GH¢13.27 while diesel recorded a sharper drop of GH¢1 per litre, falling from GH¢17.10 to GH¢16.10.

State-owned GOIL has similarly adjusted its prices to align with revised price floors for the second pricing window. Petrol is now selling at GH¢13.27 per litre, down from GH¢13.30, while diesel has declined to GH¢16.10 per litre from GH¢17.10. Super XP 95 price remains unchanged at GH¢15.77.

These reductions mark a turnaround after successive increases in recent pricing windows, driven largely by volatility in global oil markets amid Middle East tensions.

This follows government’s intervention to absorb GH¢2 per litre on diesel and GH¢0.36 per litre on petrol, aimed at cushioning consumers against rising fuel costs. Generally, it is hoped that more OMCs will review their prices in the coming days.

All this goes to reinforce what Finance Minister Dr Cassiel Ato Forson stated following a meeting with Anna Bjerde, Managing Director for Operations at the World Bank; that Ghana’s economy remains resilient despite recent global shocks.

He noted that increased gas production has also helped cushion the impact of rising global energy prices. However, he acknowledged that inefficiencies in the energy distribution sector remain a key risk to sustaining the gains.

Anna Bjerde commended Ghana’s economic management and reaffirmed the World Bank’s support, while stressing a need to urgently address energy sector challenges to avoid undermining broader economic progress.