Fuel prices have begun dropping at some oil marketing companies following indications from the Chamber of Oil Marketing Companies (COMAC).
This follows the release of Chamber of Oil Marketing Company’s pricing outlook for the second pricing window of May.
Petrol prices are expected to decrease by 6.7% to 8.8% per litre, potentially bringing prices down to GH₵13.27 or lower. Diesel is also projected to drop between 4% and 6%, with prices possibly falling to GH₵14.40 or below.
Additionally, Liquefied Petroleum Gas (LPG) may reduce by 5.3%, bringing its cost to around GH₵16 per kilogram. The sharp decline is attributed primarily to the Ghanaian cedi’s appreciation against the US dollar.
Falling global crude oil prices and a dip in finished petroleum product costs have also contributed to the downward trend. This marks the fifth consecutive pricing window with declining fuel prices.
Despite the reductions, the Ghana Private Road Transport Union (GPRTU) argues the drop is insufficient to justify lowering transport fares.
