Data from the Chamber suggests that fuel prices are expected to record marginal reductions, with petrol projected to fall by about 3.89 percent and diesel by approximately 4.59 percent. Liquefied Petroleum Gas (LPG) prices are also forecast to decline by an estimated 2.16 percent.
The anticipated price decreases are largely attributed to a significant drop in international refined petroleum product prices, which has outweighed the effect of the cedi’s slight depreciation during the period.
Although crude oil prices saw a modest increase of 1.06 percent, refined petroleum products recorded notable declines ahead of the festive season, mainly due to oversupply in the global market. Petrol prices dropped by 6.55 percent, diesel plunged by 11.67 percent, while LPG prices dipped slightly by 0.22 percent.
During the second pricing window in December, the cedi weakened marginally from GHS 11.14 to GHS 11.43 against the US dollar, reflecting a 2.68 percent depreciation. This movement has been linked to seasonal demand pressures associated with the festive period and relatively constrained foreign exchange inflows.
Despite earlier industry projections of an average 5 percent increase in fuel prices during the first pricing window of December—driven by currency challenges and rising international prices—oil marketing companies maintained stable pump prices.
Energy sector players attribute this decision to intense competition within the downstream petroleum market, which continues to cushion consumers against sharp price fluctuations.
Source: citinews
