Petrol and diesel prices are expected to decline at fuel stations across Ghana from Friday, October 16, offering motorists some relief, while liquefied petroleum gas (LPG) prices are projected to rise sharply.
The latest pricing outlook from the Chamber of Oil Marketing Companies (COMAC) projects a 1.67% reduction in petrol prices and a 3.32% drop in diesel prices during the second pricing window of October.
Based on the chamber’s estimates, petrol could sell at an average of GH¢17.67 per litre, while diesel is projected to retail at GH¢19.30 per litre.
However, LPG prices are expected to move in the opposite direction, increasing by 18.50% to approximately GH¢20.60 per kilogramme. The anticipated rise could increase cooking expenses for households and businesses that depend on the fuel.
COMAC attributed the projected changes partly to movements in international petroleum product prices. During the review period, petrol prices on the international market declined by 3.93%, while diesel prices fell by 6.68%. LPG prices, however, increased by 7.77%.
The depreciation of the Ghana cedi against the US dollar remains a concern for the petroleum sector, as Ghana relies heavily on imported refined petroleum products. The currency weakened by 1.61% over the review period to an average bank rate of GH¢11.8222 to the dollar.
Meanwhile, the National Petroleum Authority (NPA) has reduced the minimum price floor for petrol from GH¢16.45 to GH¢16.09 per litre. Diesel’s minimum price floor has also fallen from GH¢17.97 to GH¢17.09 per litre.
In contrast, the minimum price floor for LPG has increased from GH¢11.10 to GH¢13.87 per kilogramme.
Although the projected reductions could ease transport and operating costs, actual pump prices will depend on the pricing decisions of individual oil marketing companies.
