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The Chamber of Petroleum Consumers forecasts a 3% drop in petrol prices and a 1% drop in diesel prices at gas stations, starting from the second pricing window on January 16.
Fuel prices experienced a minor rise during the first pricing window of January 2025, as Oil Marketing Companies (OMCs) like state-owned GOIL and Total raised their prices.
However, this forecast is heavily reliant on the performance of the cedi.
For GOIL, the price of petrol rose from GHȼ14.75 per litre in the second pricing window of December 2024 to GHȼ14.99 per litre.
Diesel prices also increased, rising from GHȼ15.45 per litre to GHȼ15.60 per litre.
As the second pricing window for January approaches, energy stakeholders are expecting a reversal of these price increases.
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers, believes that Oil Marketing Companies (OMCs) will closely observe the performance of the cedi to shape their pricing strategy for the upcoming window.
Indications suggest that prices for petroleum products may decrease by 1% to 3% for petrol and diesel, while LPG could see an increase of around 3%. However, this will depend on product availability and the cedi’s performance during this period. Some markets indicate an upward trend for the cedi, while others are still experiencing depreciation, which will influence the situation. Nonetheless, international market benchmarks are indicating a potential reduction,” he told Citi Business News.
