Fuel Prices Set to Drop for Christmas – Oil Marketers Board Chair Assures
By Praisebell Rosemond Larbi
Ghanaians can expect some relief at the fuel pumps this Christmas as prices of petroleum products are set to decline from mid-December, the Board Chairman of the Chamber of Oil Marketing Companies (COMAC), Mr. Gabriel Kumi, has assured.
According to him, falling global prices of finished petroleum products are already translating into clear downward indicators for petrol, diesel and liquefied petroleum gas (LPG), raising expectations of lower pump prices during the festive season.
Speaking in a media interview, Mr. Kumi said the outlook for fuel prices is positive, provided the local currency remains stable.
“Fortunately, Ghanaians are going to have a very good Christmas in terms of petroleum prices, because already the indication is that the price of finished petroleum products is going down,” he stated.
He explained that diesel has recorded the most significant movement, with prices falling by about 10 percent on the international market. Petrol prices, he said, have also declined by roughly 6 percent, while LPG has seen a modest decrease of between 1 and 1.5 percent.
Mr. Kumi noted that these reductions are expected to reflect in local pump prices during the first pricing window of the second half of December, which begins around December 16.
“If the cedi is held in check, then we can be sure that on the 16th of December, prices of petroleum products will generally go down,” he said.
He added that the expected reduction should carry consumers through the Christmas festivities, as the second pricing window, which covers the peak holiday period could deliver further price cuts if current market trends persist.
The COMAC Chair stressed that exchange rate stability remains the key risk factor, noting that significant depreciation of the cedi could offset the gains from lower international prices.
Nevertheless, he expressed confidence that, under current conditions, Ghana is “likely to see some decrease in the price of petroleum products,” offering welcome relief to households and businesses during the festive season, when transport and energy costs typically rise.
