The Chamber of Petroleum Consumers (COPEC) has welcomed recent fuel price cuts by Oil Marketing Companies (OMCs), viewing them as a positive sign of improving macroeconomic conditions In the first November pricing window, Star Oil, the market leader, reduced petrol prices to GH¢11.97 per litre and diesel to GH¢12.47, representing one of the largest cuts in recent months.
Duncan Amoah, Executive Secretary of COPEC, said in an interview that the declining fuel prices reflect the success of government policies and the Bank of Ghana’s interventions in the forex market. “The best measure of your economy; check the pumps and see how much fuel is selling for. If prices are coming down simply because of sound economic management, then it means the handlers of the economy are getting it right. They shouldn’t go to sleep, though. If the numbers reverse, we will come very hard at them,” he warned.
Meanwhile, the Centre for Environmental Management and Sustainable Energy (CEMSE) forecasts further possible reductions in domestic fuel prices in coming pricing windows. Executive Director Benjamin Nsiah attributed this to favourable global petroleum trends and a stronger Ghanaian cedi, alongside stabilising inflation and eased exchange rate pressures
“From our analysis, petroleum product prices are unlikely to surge by December. In fact, the declining international benchmark prices and stronger cedi suggest we may see further reductions at the pumps,” Mr. Nsiah said.
With global crude prices easing and the cedi showing resilience, consumers can expect some relief at the pumps—a development experts say could help lower inflation and support broader economic recovery.
Story by: Mercy Addai Turkson #ahotoronline.com