Ghanaians can expect lower fuel costs this month, as the Chamber of Oil Marketing Companies (COMAC) projects significant reductions in the prices of petrol, diesel, and liquefied petroleum gas (LPG).
In its latest pricing outlook for January, COMAC forecasts a drop of up to 4.80% for petrol, about 3.77% for diesel, and around 2.19% for LPG.
This continues a recent trend of easing prices, providing welcome relief to households and businesses.
The chamber attributes the expected decreases to a combination of favourable factors: a stronger Ghana cedi against the US dollar, which reduces the cost of importing petroleum products, and a decline in refined fuel prices on the global market.
These conditions have lowered cost pressures on Oil Marketing Companies (OMCs), enabling them to pass on savings to consumers.
Industry analysts say the price cuts could help stabilise transport fares and ease operational costs for commercial drivers. A sustained reduction may also help moderate inflation, particularly within transport and food supply chains.
Market competition is likely to drive wider adoption of the reductions, with more OMCs expected to adjust their pump prices downward in the coming days.
COMAC notes, however, that the final extent of the decreases will depend on the cedi’s continued stability and subdued global oil prices throughout the pricing window.
While not a solution to the broader cost-of-living challenges, the anticipated price drop offers a measure of economic relief as the new year begins.
