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Crude oil prices have dropped sharply on the international market, falling from $117.60 per barrel to $93.24 per barrel following a ceasefire agreement between the United States and Iran.
Reports indicate the decline comes after the deal paved the way for the reopening of the Strait of Hormuz—a critical global oil shipping route—helping to ease supply concerns and calm markets.
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The sharp drop is expected to bring relief to consumers and businesses, as rising fuel costs have recently strained economies and increased the cost of living.
Currently, fuel is selling at about GH¢13.50 per litre at the pump. However, industry experts suggest that if the downward trend in crude prices persists, pump prices could fall further to around GH¢10 per litre.