Fuel prices across Ghana are expected to drop significantly from November 1, driven by the cedi’s strong appreciation and declining global crude oil prices, the Chamber of Oil Marketing Companies has announced.
The Chamber of Oil Marketing Companies (COMAC) latest outlook projects reductions across all major petroleum products, offering relief to consumers and businesses that have faced months of high pump prices.
Petrol prices are projected to decline by approximately 5.21 percent, bringing the average pump price down to about 12.92 cedis per liter from the current 13.93 cedis. Diesel is expected to record an even steeper reduction, ranging between 6.03 percent and 8.13 percent, which would lower its price to around 13.10 cedis per liter, down from 14.56 cedis.
Liquefied Petroleum Gas (LPG) is also set to fall by 6.66 percent, with a kilogram expected to sell at approximately 13.60 cedis. Together, these adjustments signal a broad easing across major petroleum products, offering relief to both households and businesses reliant on fuel for transport, power generation, and daily operations.
According to COMAC, the cedi’s rebound in October played a key role in the anticipated price cuts. From the October 16 pricing window, the cedi appreciated from 12.63 cedis to 11.21 cedis per dollar, representing an 11.22 percent gain.
This marks a sharp recovery from the 13.33 percent depreciation recorded in the third quarter, signaling renewed currency stability and improved foreign exchange liquidity. Analysts say the Bank of Ghana’s shift to spot forex sales contributed to the cedi’s strength by improving dollar availability in the market.
Internationally, Brent crude traded at 64.69 dollars per barrel on October 29, up 0.46 percent from the previous day after a three day decline. Despite this slight uptick, Brent remains down 2.02 percent over the past month and 10.35 percent lower than a year ago, according to trading data from contracts for difference.
Crude futures stabilized around 64.50 dollars per barrel as investors weighed the impact of Russian sanctions and United States inventory movements. Industry data showed a 4 million barrel drop in U.S. crude stocks, alongside declines in gasoline and distillate reserves, though Cushing, Oklahoma hub inventories increased.
The expected price cuts are anticipated to bring direct relief to consumers and businesses, reducing transportation, production, and distribution costs across multiple sectors. If maintained, the lower pump prices may help sustain steady supply and demand conditions within the downstream sector, while offering consumers a brief respite from months of fuel related price hikes.
