By Von Cofie
The Chamber of Oil Marketing Companies (COMC) has forecasted a potential drop in fuel prices for the third time in 2025, driven by a decline in global crude oil costs.
Recent data from the Chamber reveals that crude oil prices fell from $75.49 per barrel to $71.94 per barrel, marking a 4.16% decrease.
This drop is attributed to concerns over the impact of escalating trade tensions under US President Donald Trump’s administration, which have cast a bearish outlook on global economic growth and oil demand.
The Chamber also noted significant declines in refined product prices. Diesel and Liquefied Petroleum Gas (LPG) prices dropped by 6.37% and 9.00%, respectively, while petrol recorded the steepest decline at 9.22%.
On the local front, the Ghanaian cedi experienced a marginal depreciation against the US dollar in early March 2025.
The exchange rate moved from approximately 15.5793 GHS per USD on March 1 to 15.6118 GHS per USD by March 10, reflecting a 0.20% decrease.
However, the cedi has shown relative stability over the past week, with only slight fluctuations in exchange rates across various markets.
In light of these developments, the Chamber anticipates a reduction in fuel prices at the pump.
Petrol prices are expected to decrease by 4.5%, diesel by 3.8%, and LPG by 3.9%. These adjustments align with the downward trend in international petroleum product prices.
The Chamber emphasized that these projected price reductions are consistent with global market trends and reflect the ongoing dynamics in the oil industry.
Consumers can expect relief at the pumps if these forecasts hold steady in the coming weeks
