Fuel Prices Set to Ease Marginally at Pumps from Today, December 16

By ZED NEWSROOM
Prices of petroleum products are expected to record marginal reductions at the pumps from today, December 16, offering modest relief to consumers ahead of the festive season.
This projection is contained in the latest pricing outlook report issued by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions by oil marketing companies.
According to COMAC, the pump price of petrol is expected to decline by between 1.64 per cent and 3.89 per cent, bringing the price per litre to about GH¢12.90. Diesel prices are projected to fall more sharply by as much as 4.59 per cent, with a litre expected to sell at approximately GH¢13.20.
Liquefied Petroleum Gas (LPG) is also forecast to record a reduction of up to 2.16 per cent, resulting in an estimated retail price of about GH¢14.00 per kilogram.
COMAC attributed the anticipated price adjustments mainly to declines in the prices of finished petroleum products on the international market. The report explained that although crude oil prices edged up marginally during the pricing window, global oversupply led to notable reductions in the prices of refined products.
Petrol prices on the international market declined by 6.5 per cent, diesel prices fell significantly by 11.67 per cent, while LPG prices eased slightly by 0.22 per cent.
However, the Chamber noted that the full impact of the international price declines was partly offset by movements in the foreign exchange market. Over the period under review, the Ghana cedi depreciated marginally against the US dollar, weakening from GH¢11.14 to GH¢11.43.
COMAC also indicated that the expected price reductions are consistent with seasonal trends during the festive period, when demand patterns and pricing expectations typically exert downward pressure on fuel prices. It added that limited foreign exchange support during the period constrained any significant appreciation of the cedi, thereby limiting the extent of price reductions at the pumps.
Some market analysts argued that sustained fuel price relief will largely depend on stronger measures to stabilise the local currency. They noted that without recent depreciation pressures on the cedi, Ghana could have experienced steeper reductions in fuel prices, particularly in the second pricing window of the month.
Despite the modest nature of the projected cuts, the expected reductions are likely to offer some temporary relief to households and businesses as fuel costs remain a key driver of transport fares and general price levels in the economy.