Ghanaians may find additional relief at fuel stations this month, as the Chamber of Oil Marketing Companies (COMAC) anticipates another series of price decreases for essential petroleum products.
In its pricing forecast for January, COMAC has predicted widespread reductions, with petrol likely to decrease by as much as 4.80 percent, diesel by about 3.77 percent, and liquefied petroleum gas (LPG) by approximately 2.19 percent.
These forecasts suggest that the gradual decline in fuel prices observed in recent weeks may persist into the New Year, providing modest yet significant relief to both households and businesses.
COMAC attributes the expected price reductions primarily to a favorable pricing climate both domestically and internationally.
The recent appreciation of the Ghana cedi against the US dollar has reduced the landed cost of petroleum imports, while global benchmark prices for refined fuel products have also seen a decline.
These factors have alleviated cost pressures on Oil Marketing Companies (OMCs), enhancing their capacity to lower prices.
Industry analysts observe that the anticipated price reductions could stabilize transport operations, particularly for commercial drivers who continue to face fuel as a high operational cost. A sustained decrease in fuel prices may also help mitigate inflationary pressures, especially within the transport and food supply sectors.
Market competition is expected to influence this situation, with analysts forecasting that more OMCs will adjust their pump prices in accordance with COMAC’s projections as the pricing window evolves. However, the magnitude of these reductions will depend on the cedi’s ability to maintain its current stability and whether global oil prices remain relatively low.
Although these reductions may not entirely alleviate the broader cost-of-living issues confronting consumers, COMAC’s outlook presents a cautiously optimistic perspective for motorists and households as they enter the first month of the year.
