Some Oil Marketing Companies (OMCs) in Ghana have begun reducing fuel prices at the pump at the beginning of the first pricing window of March 2025.
This marks the second consecutive reduction after three successive price hikes earlier this year, providing some relief to consumers.
Total Energies has led the latest price adjustments, reducing the cost of both petrol and diesel from GH¢ 15.99 per litre in the second pricing window of February to GH¢ 15.79 per litre in March’s first pricing window.
Shell has also revised its prices downward. Petrol now sells at GH¢ 15.72 per litre, down from GH¢ 15.89 per litre.
Diesel has dropped from GH¢ 15.99 per litre to GH¢ 15.77 per litre.
These reductions, though marginal, signal a potential downward trend in fuel prices, and more OMCs are expected to follow suit in the coming days.
The recent reductions are primarily attributed to two key factors: falling crude oil prices on the international market, which have eased the cost of fuel imports, and a slight depreciation of the Ghana cedi against the US dollar, which impacts fuel pricing but has not significantly offset the benefits of lower global oil prices.
With fuel prices seeing back-to-back reductions, consumers could experience some financial relief, particularly for transport and logistics costs.
However, industry analysts caution that future adjustments will depend on international market trends and local currency stability.
As global oil prices continue to fluctuate, other oil marketing companies are likely to review their pricing strategies, potentially leading to further reductions in the coming weeks.
Consumers and businesses alike will be watching closely to see if this trend continues.