Some Oil Marketing Companies (OMCs) have begun reducing fuel prices in line with industry projections.
Vivo Energy (Shell) has taken the lead, cutting petrol prices from GH¢12.69 to GH¢12.50 per litre, while diesel has been reduced from GH¢13.22 to GH¢12.99 per litre.
Another player, PETROSOL, has also reduced the price of petrol to GH¢12.48 per litre, with diesel now selling at GH¢12.48.
More Oil Marketing Companies (OMCs) have told JoyBusiness they expect to reduce the prices of petroleum products before the close of the week.
Some OMCs have also indicated they may review prices again in the next pricing window, beginning January 1, 2026, if the current influencing factors are sustained.
Background and Projected Increase
The Chamber of Oil Marketing Companies, in its outlook report, noted that prices of petroleum products could decline by as much as 4 per cent per litre in the second pricing window for December.
The price of petrol is expected to fall by between 1.64 per cent and 3.89 per cent, bringing the pump price per litre to about GH¢12.90.
Diesel, on the other hand, could be reduced by as much as 4.59 per cent, resulting in a litre selling at about GH¢13.20.
LPG is also expected to decline by up to 2.16 per cent, bringing the price to about GHC 14 per kilogram.
Reasons
The Chamber of Oil Marketing Companies attributed the projected reductions to declining prices of finished petroleum products on the international market.
The report noted that despite a marginal increase in crude oil prices, major petroleum products recorded price declines, driven largely by oversupply conditions in the global market.
Petrol prices fell by 6.5 per cent, diesel dropped significantly by 11.67 per cent, while LPG eased by 0.22 per cent.
The Ghana cedi, however, depreciated marginally from GHC 11.14 to GHC 11.43 against the US dollar during the period.
According to the Chamber, the price drop also aligns with seasonal festive demand pressures.
Limited foreign exchange support during the period restrained further appreciation of the cedi.