Ghana’s drivers and businesses are poised for a reprieve at the pumps next month, with the National Petroleum Authority (NPA) projecting a nationwide fuel price drop of up to 6% by mid-March.
The anticipated decline, fueled by a 2% dip in global crude oil prices and a marginal depreciation of the cedi, offers a glimmer of relief for households and industries battered by years of economic strain.
According to NPA data released Thursday, benchmark Brent crude fell to $73.53 per barrel this week, down from $75.06, as geopolitical tensions, U.S. trade policy shifts, and Iraq’s resumption of Kurdish oil exports rattled markets. The cedi’s slight slide against the dollar—0.81% to 15.7077—was offset by the broader commodity price slump, paving the way for reductions across all major fuels. Petrol is expected to drop 3.55% to $684.47 per metric ton, diesel (gasoil) 3.47%, and liquefied petroleum gas (LPG) nearly 6%, the steepest cut. Jet fuel and kerosene prices will also ease by 3.5%, while heavy industry could benefit from a 4% decline in fuel oil costs.
The news has been cautiously welcomed by transport unions and small businesses, for whom fuel costs remain a crushing burden. “Even a 5% reduction helps,” said Tutu Anag, a Trotro driver in Accra. “But we’ve been here before—prices fall one month, then surge the next. Stability is what we need.” Her skepticism echoes broader concerns: Ghana’s inflation rate, though easing, still hovers above 15%, and recent austerity measures have left many citizens wary of fleeting economic bright spots.
Analysts note the cuts align with improving global oil supply dynamics but warn against over-optimism. “This isn’t a structural shift—it’s a temporary breather,” cautioned Accra-based Financial Journalist Roger A. Agana. “Without lasting fiscal reforms or strategic reserves to buffer against shocks, Ghana remains at the mercy of volatile markets.” The government’s decision to maintain controversial fuel subsidies in 2024, despite IMF pressure to phase them out, has further complicated long-term price stability efforts.
For now, the projected March 16 price adjustments signal tentative progress. If sustained, lower transport and manufacturing costs could ease inflationary pressures, offering policymakers rare breathing room. Yet with global crude prices still vulnerable to Middle East unrest and fluctuating U.S.-China trade relations, Ghana’s fuel relief may prove as transient as the geopolitical winds driving it. As one Accra-based trader put it: “Today’s discount is tomorrow’s crisis. We’ll take it—but we’re not celebrating yet.”
