The price of petroleum products is expected to decline by over 4 per cent for the second pricing window of May.

A litre of petrol and diesel are going for GHC13.32 and GHC13.91, respectively at GOIL, whereas Star Oil is selling a litre of petrol for GHC12.47. A litre of diesel is selling at GHC13.49, according to a report by Joy Business.

The price of Liquified Petroleum Gas (LPG) is expected to decline by 5.3 percent, selling at GHC16 per kilogram.

The Chamber of Oil Marketing Companies (COMAC) earlier made the projection, attributing the reduction to the appreciation of the Ghana cedi and the fall in price of petroleum products on the international market.

“One of the biggest components in the price derivation of crude oil product prices in Ghana has to do with the forex. As we speak now, the benchmark prices are falling as well, and the U.S. is falling. That's why you've seen petroleum product prices coming down. All the way from 15% to 13% today, on average”, Chief Executive of COMAC, Dr Riverson Oppong, is quoted by Joy Business to have said.

The Ghana cedi has been recognised by Bloomberg as the world’s best-performing currency, having appreciated nearly 16% against the US dollar since April.

The average interbank rates used by commercial banks for transactions at the close of business, 15th May, show the US dollar buying at GH₵12.39 and selling at GH₵12.40. The British pound is buying at GH₵16.46 and selling at GH₵16.48. The euro is currently being bought at GH₵13.85 sold at GH₵13.87.

Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has assured that the days of sharp and unpredictable swings in the value of the Ghanaian cedi are gradually fading, crediting this to improved inflows and ongoing reforms in the foreign exchange market.