Consumers may find some relief at the pump in December’s second pricing window, as fuel prices are likely to fall, according to the Chamber of Oil Marketing Companies’ (COMAC) most recent pricing outlook.
According to Chamber data, petrol prices could fall by approximately 3.89 percent, while diesel prices are expected to fall by 4.59 percent.
Liquefied petroleum gas (LPG) prices are also predicted to fall by around 2.16 percent.
The predicted reductions are being driven mostly by a substantial decline in international refined petroleum product prices, which has more than offset the impact of the cedi’s marginal depreciation over the time.
Prior to the holiday season, key refined products saw notable drops despite a 1.06 percent gain in crude oil prices, mostly as a result of global market excess.
Diesel prices plummeted by 11.67 percent, LPG prices decreased by 0.22 percent, and petrol prices fell by 6.55 percent.
The cedi depreciated by 2.68 percent versus the US dollar during the second price window of December, falling from GHS 11.14 to GHS 11.43.
Seasonal pressures from heightened holiday demand and comparatively modest foreign exchange inflows are reflected in the currency movement, which has prevented further increases in the local currency.
Oil marketing companies kept prices stable during the first pricing window of December, despite early industry data suggesting an average 5 percent increase in fuel prices due to currency constraints and rising international prices.
Stakeholders in the energy industry attribute this decision to increased competition in the downstream petroleum market, which continues to protect consumers from price instability.
Source: newsthemegh.com