Prices of petroleum products are expected to see a slight reduction at fuel stations starting today, December 16.
This outlook is based on the latest pricing report by the Chamber of Oil Marketing Companies (COMAC), which informs fuel price adjustments by oil marketing companies.
According to the report, petrol prices are projected to fall by between 1.64% and 3.89%, bringing the average pump price to about GH¢12.90 per litre.
Diesel prices are expected to drop by up to 4.59%, with a litre likely to sell for around GH¢13.20.
Liquefied Petroleum Gas (LPG) is also forecast to decline by as much as 2.16%, resulting in an estimated price of GH¢14.00 per kilogram.
COMAC attributed the anticipated reductions mainly to falling prices of finished petroleum products on the international market.
Although crude oil prices recorded a slight increase, an oversupply globally led to price declines across key products.
Petrol prices dropped by 6.5%, diesel by 11.67%, while LPG fell marginally by 0.22%.
The report noted that the Ghana cedi depreciated slightly during the period, moving from GH¢11.14 to GH¢11.43 against the dollar, which limited the extent of the price reductions.
COMAC also explained that the adjustments reflect seasonal trends and increased demand during the festive period.
Market analysts say that stronger measures may be needed to stabilise the cedi to help sustain the current relief at the pumps.
Some believe that without the recent pressure on the local currency, fuel prices could have fallen even further in the second pricing window.
