Fuel prices across Ghana are expected to drop significantly from November 1, driven by the cedi’s strong appreciation and a decline in global crude oil prices, according to the Chamber of Oil Marketing Companies (COMAC).
The chamber’s latest outlook projects reductions across all major petroleum products, offering relief to consumers and businesses that have faced months of high pump prices.
Projected Adjustments
Petrol prices are projected to decline by approximately 5.21%, bringing the average pump price down to about GH¢12.92 per litre, from the current GH¢13.93.
Diesel is expected to record an even steeper reduction, ranging between 6.03% and 8.13%, which would lower its price to around GH¢13.10 per litre, down from GH¢14.56.
Meanwhile, Liquefied Petroleum Gas (LPG) is also set to fall by 6.66%, with a kilogram expected to sell at approximately GH¢13.60.
Together, these adjustments signal a broad easing across the major petroleum products, offering relief to both households and businesses reliant on fuel for transport, power generation, and daily operations.
Cedi Appreciation Boosts Prices
According to COMAC, the cedi’s rebound in October played a key role in the anticipated price cuts. From the October 16 pricing window, the cedi appreciated from GH¢12.63 to GH¢11.21 per dollar, representing an 11.22% gain.
This marks a sharp recovery from the 13.33% depreciation recorded in the third quarter, signaling renewed currency stability and improved foreign exchange liquidity. Analysts say the Bank of Ghana’s shift to spot forex sales contributed to the cedi’s strength by improving dollar availability in the market.
Global Oil Market Trends
Internationally, Brent crude traded at $64.69 per barrel on October 29, up 0.46% from the previous day after a three-day decline. Despite this slight uptick, Brent remains down 2.02% over the past month and 10.35% lower than a year ago, according to trading data from contracts for difference (CFDs).
Crude futures stabilized around $64.50 per barrel as investors weighed the impact of Russian sanctions and U.S. inventory movements. Industry data showed a 4-million-barrel drop in U.S. crude stocks, alongside declines in gasoline and distillate reserves, though Cushing, Oklahoma hub inventories increased.
Domestic Outlook and Impact
The expected price cuts are anticipated to bring direct relief to consumers and businesses, reducing transportation, production, and distribution costs across multiple sectors.
If maintained, the lower pump prices may help sustain steady supply and demand conditions within the downstream sector, while offering consumers a brief respite from months of fuel-related price hikes.
