Petrol, Diesel Prices Expected to Drop in January
The Chamber of Petroleum Consumers (COPEC) is forecasting a decline in petrol and diesel prices for the second pricing window of January 2025. According to COPEC’s Executive Secretary, Duncan Amoah, petrol prices are expected to drop by about 3%, while diesel prices may decrease by around 1%.
The predicted price reduction is largely dependent on the performance of the Ghanaian cedi. In the first pricing window of January 2025, fuel prices saw a slight increase, with Oil Marketing Companies (OMCs) like GOIL and Total adjusting their prices upward.
The Bank of Ghana’s successful forward auction on January 14, which allocated $20 million to Bulk Oil Distribution Companies (BDCs), is expected to help stabilize the exchange rate and manage foreign exchange reserves.
However, Duncan Amoah emphasized that a more comprehensive strategy is needed to meet the foreign exchange requirements of BDCs for importing petroleum products, as the current allocation is insufficient.
The projected price drop is a welcome relief for consumers, following a series of price hikes earlier in the year. The reduction in fuel prices is attributed to a drop in crude oil prices on the international market and other economic factors influencing local fuel pricing.
Author: K. Mawuli
