Fuel Prices Set to Ease Ahead of Festive Season – COMAC Forecasts Relief at the Pumps
Petrol, diesel, and LPG expected to drop as global supply surplus offsets cedi depreciation
- Petrol may drop 3.89%, diesel 4.59%, and LPG 2.16% in the second December pricing window
- Oversupply of refined petroleum products has driven the price reductions despite a slight cedi depreciation
- Downstream competition helped hold prices steady earlier, limiting volatility for consumers
Consumers in Ghana could enjoy some relief at the pumps during the second pricing window of December, as fuel prices are expected to decline, according to the latest outlook from the Chamber of Oil Marketing Companies (COMAC).
Data from COMAC indicates that petrol prices may fall by around 3.89%, while diesel could drop by 4.59%. Liquefied Petroleum Gas (LPG) prices are also projected to ease by approximately 2.16%.
The anticipated reductions are largely driven by a sharp decline in international refined petroleum product prices, which has more than offset the marginal depreciation of the cedi during the period.
Although crude oil prices rose slightly by 1.06%, major refined products recorded significant declines ahead of the festive season, largely due to oversupply in the global market. Petrol prices fell by 6.55%, diesel dropped sharply by 11.67%, and LPG edged down by 0.22%.
Locally, the cedi weakened slightly from GHS 11.14 to GHS 11.43 against the US dollar, a 2.68% depreciation. This reflects seasonal pressures from increased festive demand and tight foreign exchange inflows, which limited further gains in the currency.
Earlier in December, indicators had suggested a possible 5% increase in fuel prices due to currency pressures and rising global oil prices. However, oil marketing companies held prices steady, citing intense competition in the downstream petroleum market, which continues to buffer consumers from volatility.
