The Chamber of Oil Marketing Companies (COMAC) indicated that global product prices are trending downward, creating favourable conditions for local price reductions.
Board Chairman of COMAC, Gabriel Kumi, confirmed that the sustained drop in crude oil prices on the international market, coupled with relative stability in the cedi’s exchange rate, is expected to translate into lower costs at the pump during the final pricing window of the year.
Consumers are assured they will feel this relief throughout the festive holidays. He added that Liquefied Petroleum Gas (LPG) is also expected to see a decrease of between 1 and 1.5 per cent.
Providing specific figures on TV3’s Business Focus, Executive Director at the Centre for Environmental Management and Sustainable Energy (CEMSE), Benjamin Nsiah, noted that the decline in international prices significantly outweighs the cedi’s depreciation.
“Most of the products, especially, diesel is expected to see 40 pesewas reduction, while petrol is expected to witness some 20 pesewas reduction in price in the second pricing window of December 2025, which will carry-on to the New Year,” Nsiah stated on December 15.
While welcoming the temporary price relief, Dr. Eric Boachie-Yiadom, a Senior Fellow at Africa Policy Lens, suggested that the government must focus on long-term solutions to achieve lower and stable prices.
Speaking on Business Focus, Dr. Boachie-Yiadom observed that local prices would have been lower had it not been for the additional GHC1 energy levy.
He called for key structural reforms, saying, “Government needs to sustain the cedi stability and also work to revamp the oil refinery space (Tema Oil Refinery and private refineries) will help stabilise fuel prices at the local pumps.”