Ghanaians are set to enjoy cheaper fuel this Christmas, thanks to a combination of falling global oil prices and a stable local currency, according to industry experts.
Gabriel Kumi, Board Chairman of the Chamber of Oil Marketing Companies (COMAC), said consumers can expect reductions across petrol, diesel, and LPG, starting from mid-December. Speaking on PM Express Business Edition, he said:
“Fortunately, Ghanaians are going to have a very good Christmas in terms of petroleum prices, because already the indication is that the price of finished petroleum products is going down.”
Diesel prices have reportedly dropped by about 10%, petrol by 6%, and LPG by 1–1.5%, offering households and businesses welcome relief as the festive season approaches. Kumi stressed that the only major condition is the stability of the cedi, which will determine whether these reductions hold through Christmas.
The local price relief comes amid a global oil market shaped by oversupply and geopolitical events. Brent crude futures stabilized around $61.5 per barrel, though markets are on track for a weekly loss of over 3%, driven by expectations of a global surplus. The International Energy Agency (IEA) has noted that global inventories are now at a four-year high, reinforcing downward pressure on prices.
Geopolitics also played a role earlier this month. The US intercepted a sanctioned Venezuelan tanker, which Caracas labeled an “act of piracy,” while Ukraine struck another shadow-fleet tanker tied to Russia’s oil trade, its fifth since late November. Such events briefly pushed prices higher but have not outweighed the effects of oversupply.
For Ghanaian consumers, the combination of global oil market relief and local cedi stability means a potentially cheaper festive season for transport, holiday travel, and daily commuting. COMAC predicts that the second pricing window covering the Christmas period could deliver further reductions, reinforcing optimism for households and businesses alike.
Ghanaians may be driving, cooking, and travelling for less this festive season, a welcome festive boost grounded in both international market dynamics and domestic economic factors.
