Fuel Prices Set to Remain Stable as Cedi Holds Firm, Crude Prices Fall
Petrosol CEO Michael Bozumbil says motorists should not expect a fuel price increase as the cedi remains stable and international crude prices ease.
- Fuel prices expected to remain unchanged
- Cedi stability eases pressure on pump prices
- Lower crude prices offer relief to consumers
Fuel prices are expected to remain unchanged in the next pricing window, as the relative stability of the Ghana cedi and lower international crude oil prices ease pressure on consumers.
Petrosol CEO Michael Bozumbil says motorists should not expect an increase in fuel prices when the next pricing window takes effect.
Although the company is still calculating the exact figures, Mr Bozumbil said current market trends point to continued price stability.
He explained that the outlook is largely driven by two key factors — international fuel prices and the performance of the Ghana cedi.
According to him, the stability of the local currency has played a major role in keeping pump prices steady in recent times.
He noted that in previous periods, falling international fuel prices did not necessarily translate into lower pump prices because sharp depreciation of the cedi offset the gains.
However, Mr Bozumbil said the current stability of the cedi is allowing consumers to benefit more directly from favourable movements in international fuel prices.
He further noted that the situation highlights the benefits of Ghana’s deregulated fuel pricing regime, where changes in international market conditions can be reflected more directly at the pumps.
While he did not rule out a possible reduction in prices, Mr Bozumbil said the extent of any decline would depend on the final calculations by oil marketing companies.
