Petroleum product prices will see a modest decline at fuel stations across Ghana beginning December 16, according to the latest outlook from the Chamber of Oil Marketing Companies (COMAC). This report, which oil marketing firms use to set prices, was reviewed by JoyBusiness.
Projected Price Cuts
Petrol: Down 1.64% to 3.89%, landing at around GH¢12.90 per litre.
Diesel: Falling by up to 4.59% to about GH¢13.20 per litre.
LPG: Dropping up to 2.16%, bringing the price to roughly GH¢14.00 per kilogram.
Key Drivers Behind the Reduction
COMAC attributes the dip primarily to falling international prices for finished petroleum products, despite a slight uptick in crude oil costs. Global oversupply drove notable declines: petrol by 6.5%, diesel by 11.67%, and LPG by 0.22%.
The Ghana cedi weakened marginally from GH¢11.14 to GH¢11.43 during the period, curbed by limited foreign exchange support. COMAC also cited seasonal festive demand patterns as a factor. Market analysts urged the government to bolster cedi stability for lasting pump price relief.
Story by: Mercy Addai Turkson #ahotoronline.com