Consumers can expect some relief at the pumps in the second pricing window of December, as fuel prices are projected to decline, according to the latest outlook from the Chamber of Oil Marketing Companies (COMAC).
COMAC’s data suggests that petrol prices could drop by about 3.89 percent, while diesel is anticipated to fall by 4.59 percent. Prices for Liquefied Petroleum Gas (LPG) are also expected to ease by approximately 2.16 percent.
The projected reductions are largely attributed to a sharp fall in international refined petroleum product prices, which have more than offset the effects of the cedi’s slight depreciation during the period.
Although crude oil prices saw a modest increase of 1.06 percent, major refined products recorded significant declines ahead of the festive season, primarily due to oversupply in the global market. Petrol prices dropped by 6.55 percent, diesel by 11.67 percent, and LPG by 0.22 percent.
Meanwhile, the cedi weakened slightly from GHS 11.14 to GHS 11.43 against the US dollar during the second pricing window, marking a 2.68 percent depreciation. This movement was driven by seasonal demand and tight foreign exchange inflows.
Despite earlier indications of a possible 5 percent rise in fuel prices at the start of December, stemming from currency pressure and rising international prices, oil marketing companies kept prices steady. Energy sector stakeholders attribute this to heightened competition in the downstream petroleum market, which continues to cushion consumers against price volatility.
Source: Apexnewsgh.com