The first pricing window of December has opened with no significant changes in fuel prices, according to sources confirmed by The High Street Journal as of December 2, 2024.
This development marks a continuation of the pricing trends from the second window of November, offering momentary stability for consumers amid ongoing economic pressures.
During the second pricing window of November, petrol prices ranged from GH₵13.37 to GHS 14.82 per litre, while diesel prices varied between GH₵13.48 and GH₵15.66 per litre.
Leading oil marketing companies such as Shell and TotalEnergies priced their petrol at the higher end, while firms like IBM Petroleum and Unicorn Petroleum offered more competitive rates.
The slight relief in November’s prices was driven by a 0.72% drop in global crude oil prices and a modest 1.14% appreciation of the cedi against the U.S. dollar.
These factors contributed to a 3-5% reduction in fuel costs during the month, as forecasted by the Chamber of Petroleum Consumers (COPEC). Companies such as GOIL adjusted their prices accordingly, with petrol reducing to GH₵14.35 per litre and diesel holding at GH₵15.45 per litre.
As December begins, the unchanged prices reflect a rare moment of equilibrium in Ghana’s fuel market. However, with inflation still high at 22.1% and the cedi depreciating by over 20% this year, the stability may be short-lived.
Market watchers warn that any significant changes in global oil prices or currency fluctuations could rapidly alter the situation.
