Prices of petroleum products are expected to record marginal declines at the pumps from today, December 16, following recent movements on the international market.
The expected reduction is contained in the latest outlook report by the Chamber of Oil Marketing Companies (COMAC), which guides pricing decisions by oil marketing companies.
According to COMAC, the pump price of petrol is projected to fall by between 1.64 percent and 3.89 per cent, bringing the price per litre to about GH¢12.90.
Diesel is expected to record a sharper decline of up to 4.59 percent, which could see the pump price drop to around GH¢13.20 per litre.
Liquefied Petroleum Gas (LPG) is also projected to decline by up to 2.16 percent, with a kilogram expected to sell at approximately GH¢14.00.
COMAC attributed the anticipated reductions largely to falling prices of finished petroleum products on the international market. The report noted that although crude oil prices edged up marginally, an oversupply of refined products globally pushed prices downward.
During the period under review, petrol prices on the international market fell by 6.5 percent, diesel declined by 11.67 percent, while LPG prices eased slightly by 0.22 percent.
The report, however, pointed out that the Ghana cedi depreciated marginally from GH¢11.14 to GH¢11.43 against the US dollar, limiting the extent of price reductions at the pumps.
COMAC said the projected decline also reflects seasonal festive expectations and demand pressures typically associated with the end-of-year period.
It added that limited foreign exchange support constrained further appreciation of the cedi during the pricing window.
Some market analysts said that sustained fuel price relief would depend largely on firmer stabilisation of the local currency.
Others argued that without the recent pressure on the cedi, consumers could have benefited from steeper reductions in fuel prices during the second pricing window.
