Fuel prices expected to drop this month – COMAC Board Chair
The Chamber of Oil Marketing Companies (COMAC), has hinted that the prices of petroleum products at pumps may be set for some significant drops in the coming days if the local currency remains stable against major foreign currencies.
Appearing on Joy News’ PM Express on Thursday, the Board Chairman of COMAC, Gabriel Kumi, revealed that petroleum product prices have already begun trending downwards, with diesel experiencing a 10% decrease, petrol dropping by 6%, and Liquefied Petroleum Gas (LPG) seeing a 1.5% drop in prices.
“Fortunately, Ghanaians are going to have a very good Christmas in terms of the petroleum prices because the indication is that finished petroleum products prices are going down,” Kumi said.
The COMAC Board Chair indicated that if current market conditions remain stable, consumers can expect further price reductions when the next pricing window takes effect on December 16th.
“So, if the Cedi is held in check, then we can be sure that the second pricing window which starts on the 16th of December and happens to be the window within which Christmas falls, we are going to see some decrease in the price of petroleum products,” he added.
Gabriel Kumi’s projected price drops come in the wake of a volatile fuel pricing environment, where prices of petroleum product are reviewed and adjusted every two weeks based on international market conditions and local economic factors.
Earlier in this month, fuel prices experienced increases, with reports indicating that petrol witnessed a 1.97% -3.30% upward adjustment, bringing the pump price per litre to GH¢12.91., diesel saw a 2.85% -5.15 % increase to sell at GH¢13.37, while the price of LPG went up by 3.10%, bringing the price per kilogram to GH¢13.80.
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