Prices of petroleum products across the country are expected to record marginal reductions at the pumps from today, December 16, following the release of the latest pricing outlook by the Chamber of Oil Marketing Companies (COMAC).
According to the report, the pump price of petrol is projected to decline by between 1.64 per cent and 3.89 per cent, bringing the average price per litre to about GH¢12.90.
COMAC explained that although crude oil prices recorded a slight increase during the pricing window, global oversupply led to notable price declines in key petroleum products. Petrol prices on the international market fell by 6.5 per cent, diesel dropped sharply by 11.67 per cent, while Liquefied Petroleum Gas (LPG) eased marginally by 0.22 per cent.
Despite these positive developments, the Chamber noted that the Ghana cedi depreciated slightly over the period, weakening from GH¢11.14 to GH¢11.43 against the US dollar. This, coupled with limited foreign exchange support, constrained a more significant reduction in pump prices.
The report further indicated that the expected price adjustments also align with seasonal festive expectations and demand pressures typically observed during the end-of-year period.
Diesel prices are projected to decline by as much as 4.59 per cent, which should see a litre selling at approximately GH¢13.20 at the pumps. LPG consumers are also expected to benefit, as prices could fall by up to 2.16 per cent, bringing the cost of a kilogram to about GH¢14.00.
Oil marketing companies are expected to begin reflecting the new prices at fuel stations nationwide as the new pricing window takes effect.
