Consumers could see some relief at the pumps in the second pricing window of December, as fuel prices are expected to decline, according to the latest pricing outlook from the Chamber of Oil Marketing Companies (COMAC).
Data from the Chamber indicates that petrol prices could fall by about 3.89 percent, while diesel is projected to decline by 4.59 percent.
Liquefied Petroleum Gas (LPG) prices are also expected to ease by approximately 2.16 percent.
The anticipated reductions are being driven largely by a sharp drop in international refined petroleum product prices, which has more than offset the impact of the cedi’s marginal depreciation during the period.
Although crude oil prices increased by 1.06 percent, major refined products recorded significant declines ahead of the festive season, largely due to oversupply conditions in the global market.
Petrol prices fell by 6.55 percent, diesel dropped sharply by 11.67 percent, while LPG edged down by 0.22 percent.
During the second pricing window of December, the cedi weakened slightly from GHS 11.14 to GHS 11.43 against the US dollar, representing a 2.68 percent depreciation. The currency movement reflects seasonal pressures from increased festive demand and relatively tight foreign exchange inflows, which have limited further gains in the local currency.
Despite earlier industry indicators pointing to an average 5 percent increase in fuel prices during the first pricing window of December driven by currency pressures and rising international prices, oil marketing companies held prices steady.
Energy sector stakeholders attribute that decision to heightened competition within the downstream petroleum market, which continues to act as a buffer against price volatility for consumers.
