The Chamber of Oil Marketing Companies (COMC) has made a promising prediction, indicating that the prices of petroleum products are expected to decline in the first pricing window of March 2025.
This anticipated decrease is attributed to a marginal dip in the cost of crude oil, which fell from $76.86/BBL to $75.49/BBL, representing a 1.32% decrease.
The Chamber attributed the decline in oil prices to US President Donald Trump’s series of conflicting announcements on trade, which sent markets into a slump. “Oil slipped to a new low for the year as US President Donald Trump blitzed markets with a slew of conflicting announcements on trade,” the Chamber explained.
Regarding the performance of the Ghanaian cedi, the Chamber noted that it showed a slight depreciation against the US dollar in the early part of February 2025. In fact, as of February 14th, 2025, the forex rate was approximately 15.4244GHS per USD, and by February 21st, 2025, it had increased to 15.5793GHS per USD, reflecting a marginal decrease of 0.99% in the exchange rate.
The Chamber further observed that the cedi has exhibited marginal stability against the dollar over the past week, with slight fluctuations in exchange rates across different markets. This stability is expected to contribute to the anticipated decrease in fuel prices.
In terms of the expected adjustments in fuel prices, the Chamber projected that petrol, diesel, and LPG prices at the pump are anticipated to decrease by 0.6%, 0.3%, and 0.3%, respectively. “Ex-pump price projection: Petrol, Diesel, and LPG prices at the pump are anticipated to decrease by 0.6%, 0.3%, and 0.3%, respectively. These downward adjustments at the pumps are in line with the decrease of petroleum product prices on the international oil market and slow down cedi depreciation,” the Chamber stated.
By Phalonzy