The Chamber of Oil Marketing Companies (COMC) has predicted a potential reduction in fuel prices for the third time in 2025, driven by a decline in global crude oil prices.
Recent data from the Chamber shows that crude oil prices have dropped from $75.49 per barrel to $71.94 per barrel, a decrease of 4.16%. This decline is attributed to concerns over the impact of escalating trade tensions under US President Donald Trump’s administration, which have led to a negative outlook on global economic growth and oil demand.
The Chamber also reported significant drops in refined product prices, with diesel and Liquefied Petroleum Gas (LPG) prices falling by 6.37% and 9.00%, respectively. Petrol saw the largest decline at 9.22%.
On the domestic front, the Ghanaian cedi experienced a slight depreciation against the US dollar in early March 2025, moving from 15.5793 GHS per USD on March 1 to 15.6118 GHS per USD on March 10, a 0.20% decrease. However, the cedi has remained relatively stable over the past week, with only minor fluctuations in exchange rates across various markets.
Given these trends, the Chamber forecasts a reduction in fuel prices at the pump. Petrol prices are expected to drop by 4.5%, diesel by 3.8%, and LPG by 3.9%. These anticipated changes align with the ongoing decline in international petroleum product prices.
The Chamber emphasized that these predicted price reductions reflect global market trends and the evolving dynamics within the oil industry. If these forecasts hold, consumers can expect some relief at the pumps in the coming weeks.
