The Chamber of Oil Marketing Companies (COMAC) has confirmed an expected reduction in fuel prices in the upcoming pricing window, attributing the development to a stronger Ghana cedi and declining prices of refined petroleum products on the international market.
According to COMAC data, petrol prices are projected to fall by approximately 2.30 percent, diesel by 2.10 percent, while Liquefied Petroleum Gas (LPG) is expected to record a sharper reduction of about 5.09 percent.
COMAC explained that although global crude oil prices experienced some marginal increases during the period under review, prices of refined petroleum products continued to ease. On the international market, petrol prices declined by 1.07 percent, diesel by 0.68 percent, and LPG by 3.40 percent.
A key driver of the anticipated price cuts is the improved performance of the Ghana cedi. The local currency appreciated from GH¢11.52 to GH¢10.90 against the US dollar, representing a 5.71 percent gain over the period.
Industry analysts say the cedi’s appreciation has significantly reduced the cost of importing finished petroleum products, allowing oil marketing companies room to adjust pump prices downward.
The expected reductions are likely to offer further relief to consumers, following earlier price cuts recorded during the first pricing window of January.
Market leader Star Oil set the pace at the beginning of the year with two price reductions within the first week, a move that analysts say has intensified competition within the sector, particularly with state-owned GOIL.
Currently, petrol is selling at GH¢10.56 per litre, down from GH¢10.86, while diesel has declined to GH¢11.56 from GH¢11.96. Ron 95 is also retailing at GH¢12.96, reduced from GH¢13.56.
Meanwhile, the Chamber of Petroleum Consumers (COPEC) has welcomed the increased competition among oil marketing companies, describing it as a positive outcome of Ghana’s deregulated downstream petroleum sector.
COPEC noted that the emerging price competition is delivering much-needed financial relief to consumers and urged industry players to sustain competitive pricing in the interest of the public.
