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Ghanaian motorists can expect a reduction in fuel prices starting Friday, May 16, 2025, following the Chamber of Oil Marketing Companies’ (COMAC) confirmation.
According to COMAC Chief Executive Dr. Riverson Oppong, the price drop is attributed to the cedi’s current strong performance and the decline in prices of finished petroleum products on the international market.
“One of the biggest components in the price derivation of crude oil product prices in Ghana has to do with the forex,” Dr. Oppong explained. He added that the stable foreign exchange rate is a good indication for consumers to enjoy price reductions at the pumps.
The cedi has been performing well, gaining 6.25% week-on-week against the dollar, and 16.29% year-to-date. This stability is expected to contribute to the price drop.
“As we speak now, the benchmark prices are falling as well, and the U.S. is falling. That’s why you’ve seen petroleum product prices coming down. All the way from 15% to 13% today, on average,” Dr. Oppong stated.
Dr. Oppong is optimistic that the trend may continue, resulting in consumers enjoying some relief through price reductions.
“Indeed, we expect this to continue. As far as these two components play their roles, plummeting down or taking a nosedive, I believe that ordinary Ghanaians or you and I will need to benefit from it in all angles,” he said.
The price drop is expected to provide relief to consumers and potentially ease inflationary pressures. Analysts also expect the cedi to continue gaining on improved sentiments and Bank of Ghana’s support.