Fuel prices at the pump are expected to slightly fall, according to the Chamber of Oil Marketing Companies (COMAC), which cited recent changes in currency rates and a decline in the price of crude oil on the global market.
As a result of the price modifications, gasoline will drop by 0.6%, diesel by 0.3%, and LPG by 0.3% in the next pricing window, according to Dr. Riverson Oppong, CEO of COMAC.
“We have seen a slight drop in crude oil prices from $76.86 per barrel to $75.49 per barrel, representing a 1.32% decrease,” Dr. Oppong said. “Most refined product prices have followed this downward trend, with petrol prices falling by 1.1% and LPG by 1.42%. However, diesel recorded an increase of 2.47%, making it the only product to experience a price rise.”
In relation to the US dollar, the Ghanaian cedi is still somewhat depreciating. According to COMAC data, on February 14, 2025, the exchange rate was GHS 15.4244 per USD. By February 21, 2025, it had depreciated by 0.99% to GHS 15.5793 per USD.
Dr. Oppong ascribed the currency devaluation to the state of the world economy, namely the uncertainty surrounding trade.
“The exchange rate remains one of the biggest cost drivers for fuel prices in Ghana, while the depreciation has been moderate, it still impacts the pricing structure of petroleum products.” he noted.
He added that US President Donald Trump’s contradictory trade statements have contributed to oil prices falling to a record low for the year.
“There’s a lot of uncertainty in the global oil market, especially with the ongoing U.S.-China trade tensions and potential geopolitical shifts in the Middle East and Russia,” he said. “These factors affect crude oil demand and, consequently, fuel prices in Ghana.”
Furthermore, US crude oil stocks increased by 3.34 million barrels, exceeding analyst forecasts, according to the American Petroleum Institute (API).
Between April 2025 and September 2026, OPEC+ is anticipated to reduce output by 2.2 million barrels per day, with demand being driven by the Asia-Pacific region, which is dominated by China and India.
Dr. Oppong expressed concerns about the availability of diesel in the local market, pointing to indications of a possible scarcity, despite the anticipated drop in pump costs.
“Even as we speak today, there is somewhat of a diesel shortage in the market, this is something we are closely monitoring because supply disruptions could offset any expected price reductions.” he cautioned.
Although the price reductions are slight, some industry participants think they may give customers some respite. Others counter that petroleum product taxes and levies maintain prices comparatively high.
Speaking under anonymity, a major petroleum retailer stated:
“The price adjustments are welcome, but we need to have a broader conversation on the taxes and levies that make up a large portion of fuel prices. The government must look at long-term measures to ease the burden on consumers.”
Kwame Mensah, a commercial driver at a significant Accra transportation hub, had conflicting opinions regarding the price adjustments.
The Chamber of Oil Marketing Companies (COMAC) has projected a marginal decline in fuel prices at the pump, citing a dip in crude oil prices on the international market and recent exchange rate movements.
Dr. Riverson Oppong, CEO of COMAC, stated that the price adjustments will see petrol decrease by 0.6%, diesel by 0.3%, and LPG by 0.3% in the upcoming pricing window.
“We have seen a slight drop in crude oil prices from $76.86 per barrel to $75.49 per barrel, representing a 1.32% decrease,” Dr. Oppong explained. “Most refined product prices have followed this downward trend, with petrol prices falling by 1.1% and LPG by 1.42%. However, diesel recorded an increase of 2.47%, making it the only product to experience a price rise.”
The Ghanaian cedi continues to experience slight depreciation against the US dollar. Data from COMAC indicates that as of February 14, 2025, the forex rate stood at GHS 15.4244 per USD, rising to GHS 15.5793 per USD by February 21, 2025, reflecting a 0.99% depreciation.
Dr. Oppong attributed the currency depreciation to global economic conditions, particularly trade uncertainties.
“The exchange rate remains one of the biggest cost drivers for fuel prices in Ghana,” he noted. “While the depreciation has been moderate, it still impacts the pricing structure of petroleum products.”
He further explained that oil prices have hit a new low for the year, partly due to conflicting trade announcements from US President Donald Trump.
“There’s a lot of uncertainty in the global oil market, especially with the ongoing U.S.-China trade tensions and potential geopolitical shifts in the Middle East and Russia,” he said. “These factors affect crude oil demand and, consequently, fuel prices in Ghana.”
Additionally, the American Petroleum Institute (API) reported a 3.34-million-barrel increase in US crude oil inventories, surpassing analyst expectations. Meanwhile, OPEC+ is expected to ease production cuts by 2.2 million barrels per day between April 2025 and September 2026, with the Asia-Pacific region,led by China and India, driving demand.
Despite the expected decrease in pump prices, Dr. Oppong raised concerns over diesel availability in the local market, noting signs of a potential shortage.
“Even as we speak today, there is somewhat of a diesel shortage in the market,” he cautioned. “This is something we are closely monitoring because supply disruptions could offset any expected price reductions.”
Some industry players believe the price reductions, though marginal, will provide some relief for consumers. However, others argue that taxes and levies on petroleum products continue to keep prices relatively high.
A leading fuel retailer, speaking on condition of anonymity, said:
“The price adjustments are welcome, but we need to have a broader conversation on the taxes and levies that make up a large portion of fuel prices. The government must look at long-term measures to ease the burden on consumers.”
A commercial driver at a major transport hub in Accra, Kwame Mensah, expressed mixed feelings about the price changes:
“Any reduction is better than nothing, but 0.6% or 0.3% is not much when we are already struggling with high transport fares. The government should intervene more aggressively.”
According to COMAC’s most recent report, ex-refinery prices make up 74% of gasoline costs, with taxes, levies, and regulatory margins accounting for 21% and marketers and dealers taking 5%.
The following are some important taxes that affect prices:
• Energy Debt Recovery Levy: GHS 0.49 per liter (petrol and diesel)
• Road Fund Levy: GHS 0.48 per liter • Special Petroleum Tax: GHS 0.46 per liter
• UPPF (Uniform Price Policy Fund): GHS 0.90 per liter
Projected Prices at the Pump (1st – 15th March 2025)
• Petrol: GHS 15.60 per liter (down 0.6%)
• Diesel: GHS 15.80 per liter (down 0.3%)
• LPG: GHS 18.05 per kg (down 0.3%)
Although customers might be somewhat relieved by the slight cuts, industry analysts warn that changes in the price of crude oil and exchange rates may still have an impact on pricing patterns in the weeks ahead.
On March 1, 2025, the new pricing window will go into effect.
Source: newsthemegh.com