The Chamber of Petroleum Consumers (COPEC) has welcomed the latest round of fuel price reductions by Oil Marketing Companies (OMCs), describing it as a sign of improving economic stability.
In the first pricing window of November, market leader Star Oil reduced petrol prices to GH¢11.97 per litre and diesel to GH¢12.47. This marks one of the most significant price cuts in recent months.
Executive Secretary of COPEC, Duncan Amoah, said that the falling prices reflect the impact of recent government measures and the Bank of Ghana’s forex interventions. “The best measure of your economy is at the fuel pump. If prices are dropping due to sound management, then those handling the economy are doing something right. But they must stay alert, because if prices rise again, we will speak out strongly,” he warned.
The Centre for Environmental Management and Sustainable Energy (CEMSE) also expects further fuel price reductions in the coming weeks. Its Executive Director, Benjamin Nsiah, said global petroleum trends and a stronger cedi are likely to sustain the downward movement.
He explained that improving indicators such as stable inflation and reduced exchange rate pressures could bring more relief to consumers, especially ahead of the festive season. “Our analysis shows petroleum prices are unlikely to rise before December. The combination of lower international prices and a firm cedi suggests continued drops at the pump,” Mr. Nsiah said.
With global crude prices softening and the cedi showing resilience, analysts believe consumers may enjoy lasting relief. The development is expected to reduce inflationary pressures and support Ghana’s ongoing economic recovery.
