Fuel prices to drop from Friday

Prices of petroleum products are expected to drop at the pumps from Friday, May 16, 2025, the Chamber of Oil Marketing Companies (COMAC) has confirms.

The chamber has attributed the expected reduction in prices to the cedi’s current performance and reduction in prices of finished petroleum products on the international market.

Speaking to Joy Business, monitored by Radiooneghana.com, the Chief Executive of COMAC, Dr. Riverson Oppong said the reduction in prices was anticipated since the foreign exchange rate is major factor in the price determination.

He explained that a stable forex rate is a good indication for consumers to enjoy price reduction at the pumps.

“One of the biggest components in the price derivation of crude oil product prices in Ghana has to do with the forex”, he said.

He added that the situation has also been impacted by the weakening of the U.S dollar, plummeting prices of crude oil on the world market.

“As we speak now, the benchmark prices are falling as well, and the U.S. is falling. That’s why you’ve seen petroleum product prices coming down. All the way from 15% to 13% today, on average”, he said.

Dr. Oppong is optimistic the trend may continue – resulting in consumers enjoying some relief through price reduction.

“Indeed, we expect this to continue. As far as these two components play their roles, plummeting down or taking a nosedive, I believe that ordinary Ghanaians or you and I will need to benefit from it in all angles”, he said excitedly.