FUEL PRICES TO DROP FROM FRIDAY, MAY 16, 2025 AS CEDI GAINS STRENGTH
Oil marketing chamber attributes upcoming price cut to cedi appreciation and falling global petroleum benchmarks.
Ghanaian consumers can expect some relief at the fuel pumps starting Friday, May 16, 2025, as petroleum product prices are set to decline, according to the Chamber of Oil Marketing Companies (COMAC).
Speaking to Joy Business, COMAC’s Chief Executive, Dr. Riverson Oppong, confirmed the expected price drop, citing the Ghana cedi’s recent appreciation and declining international prices of finished petroleum products as key drivers.
“One of the biggest components in the price derivation of crude oil products in Ghana has to do with the forex,” Dr. Oppong explained. “With the cedi gaining strength and crude benchmarks falling, it’s only natural for prices to come down.”
Dr. Oppong also attributed the trend to the weakening U.S. dollar and a global drop in crude prices, noting that prices have already declined by an average of 13% to 15%.
He expressed optimism that the trend may continue in the short term, potentially offering more savings for consumers if the forex and global price factors remain favorable.
This comes as the Ghana cedi cements its position as the best-performing currency among 15 Sub-Saharan African peers, gaining 6.25% week-on-week against the dollar in the retail market and 16.29% year-to-date.
The positive outlook has been reinforced by an S&P Global Ratings upgrade, which elevated Ghana’s foreign currency credit rating from “Selective Default” to “CCC+/C,” citing economic growth and fiscal reforms.
Source:NKONKONSA.com
