COMAC Reports Drop in Fuel Prices
Story By: Nartey Tetteh Solomon
The Chamber of Oil Marketing Companies has announced an anticipated reduction in fuel prices, with petrol set to decrease by 0.6%, diesel by 0.3%, and LPG by 0.3%. These downward adjustments at the pumps reflect fluctuations in international petroleum product prices and the depreciation of the cedi.
According to COMAC’s report, crude oil prices have experienced a slight decline, dropping from $76.86 per barrel to $75.49 per barrel, marking a 1.32% decrease in the international market. Oil prices have reached a new low for the year as U.S. President DonaldTrump’s trade-related announcements created market uncertainty.
Most refined petroleum products also followed a downward trend, with petrol prices falling by 1.10% and LPG prices declining by 1.42%.
Fuel price increases in Ghana have had a significant impact on the economy, businesses, and households, driving up the cost of living. Rising fuel costs have led to higher prices for food, transportation, and utilities, placing additional financial strain on consumers. This year, fuel prices have risen for the third consecutive time. However, this marks the first recorded decrease in fuel prices within the same period, offering slight relief to consumers.
