Fuel
In a positive development for consumers, fuel prices in Ghana have dropped for the third time in a row. This decline comes just a couple of days into the second pricing window for March 2025. The leading oil marketing company, GOIL, has reduced its prices for both petrol and diesel. Currently, petrol is priced at GH¢14.99 per liter, while diesel costs GH¢15.42.
Other companies, such as Total Energies, have also adjusted their prices. They lowered their petrol and diesel prices from GH¢15.79 per liter in the first pricing window to GH¢15.49 per liter in the second window. These reductions reflect a broader trend influenced by changes in the global oil market.
The recent drops in fuel prices are largely attributed to a decrease in crude oil prices on the international market, coupled with the relative stability of the Ghanaian cedi against the US dollar. This combination of factors signals a potential continuation of this positive trend, with more oil marketing companies expected to follow suit in the coming days.
The Chamber of Oil Marketing Companies (COMC) and the Institute for Energy Security (IES) had previously projected a possible drop in fuel prices for March. Their forecasts were based on the decline in global crude oil costs. Data indicates that crude oil prices fell from $75.49 per barrel to $71.94 per barrel, marking a decrease of approximately 4.16%.
