Projected decline in petroleum prices
The National Petroleum Authority (NPA) had projected a decline in petroleum prices by mid-March 2025, citing falling global crude oil prices and a slight depreciation of the Ghanaian cedi against the US dollar as key factors but that seems to have taken an early call
According to the latest Petroleum Price Indicators released by the NPA on February 28, 2025, crude oil prices have dropped by 2.03%, from $75.06 per barrel to $73.53 per barrel.
This decline is largely attributed to global market uncertainties, including tensions between the United States and Ukraine, new tariffs imposed by Washington, and Iraq’s decision to resume oil exports from the Kurdistan region.
The NPA’s report, which estimates petroleum price movements for the 16th March 2025 pricing window, indicates price reductions across key petroleum products
The anticipated drop in fuel prices is welcome news for consumers, particularly transport operators, businesses, and households that rely heavily on petroleum products. If current market trends persist, fuel prices at the pump could see slight reductions in the coming weeks, providing some relief amid ongoing economic challenges.
This development aligns with broader global trends, as oil prices have faced downward pressure due to geopolitical and economic factors.
The NPA’s projection suggests that Ghanaian consumers may soon benefit from lower fuel costs, contributing to reduced transportation expenses and potential price stabilization in goods and services. However, Some oil marketing companies have begun marginally reducing fuel prices at the pump following the start of the first pricing window in March. This marks the second consecutive reduction after three successive price hikes earlier this year. Total Energies has led the latest adjustment, lowering the price of both petrol and diesel from GHS 15.99 in the second pricing window of February to GHS 15.79 per liter in the first pricing window of March Shell has also adjusted it fuel prices downward for the first pricing window of March. The price of petrol has been reduced from GHS 15.89 per litre in the second pricing window of February to GHS 15.72 per litre. Similarly, diesel now sells at GHS 15.77 per litre, down from GHS 15.99 per litre in the previous pricing window. The reductions are being attributed to falling crude oil prices on the international market and a slight depreciation of the Ghanaian cedi against the US dollar. This development signals a potential trend, with other oil marketing companies expected to follow suit in the coming days.
