Ghanaian consumers may enjoy significantly lower fuel prices during the Christmas season, according to the Board Chairman of the Chamber of Oil Marketing Companies (COMAC), Gabriel Kumi. He says current trends on the international market strongly suggest that petrol, diesel and liquefied petroleum gas (LPG) will all record noticeable price cuts by mid-December.
Speaking in an interview, Mr. Kumi explained that global prices of refined petroleum products have been on a steady decline in recent weeks, creating favourable conditions for a reduction on the local market. “Fortunately, Ghanaians are going to have a very good Christmas in terms of petroleum prices, because already the indication is that the price of finished petroleum products is going down,” he said.
Providing a breakdown, he noted that diesel prices have dropped by about 10% on the world market, while petrol has fallen by approximately 6%. LPG, he added, has also seen some easing, recording a 1% to 1.5% decline. These reductions, he stressed, are substantial enough to influence retail prices in Ghana during the next pricing window.
However, Mr. Kumi highlighted one key condition: the stability of the Ghanaian cedi. According to him, the potential price relief can only be fully realized if the cedi maintains its current strength against major trading currencies, particularly the U.S. dollar, which is used for petroleum imports. “If the cedi is held in check, then we can be sure that on the 16th of December, prices of petroleum products will generally go down,” he emphasized.
The COMAC Chairman further projected that the expected reductions will likely extend throughout the festive season. With the second pricing window covering the Christmas period, he anticipates that consumers may enjoy continued or even deeper cuts as global market conditions evolve.
In summary, Mr. Kumi believes the country is “likely to see some decrease in the price of petroleum products,” offering Ghanaians some financial relief during a period of typically high household spending.