The Chamber of Petroleum Consumers (COPEC) has lauded the latest round of fuel price reductions across the country, describing the development as a strong signal of improving economic fundamentals.
In the first pricing window of November, leading Oil Marketing Company, Star Oil, slashed petrol prices to GH¢11.97 per litre and diesel to GH¢12.47 per litre one of the steepest declines recorded in recent months.
COPEC’s Executive Secretary, Duncan Amoah, told Citi Business News that the downward trend at the pumps is evidence that recent government policies and the Bank of Ghana’s interventions in the foreign exchange market are beginning to bear fruit.
“The best measure of your economy is at the pumps — check how much fuel is selling for. If prices are dropping due to sound economic management, then it shows those handling the economy are doing something right. But they shouldn’t get complacent; if the trend reverses, we’ll hold them accountable,” he cautioned.
Meanwhile, the Centre for Environmental Management and Sustainable Energy (CEMSE) forecasts that domestic fuel prices may continue to decline in the coming pricing windows, buoyed by favourable global petroleum trends and a stronger local currency.
According to CEMSE’s Executive Director, Benjamin Nsiah, Ghana’s improving macroeconomic indicators including stabilising inflation and easing exchange rate pressures are creating room for sustained price relief, particularly as the festive season approaches.
“Our analysis suggests petroleum product prices are unlikely to rise before December. With international benchmark prices falling and the cedi strengthening, consumers can expect further reductions at the pumps,” Mr. Nsiah said.
With global crude prices softening and the cedi showing renewed resilience, consumers are set to enjoy some relief a trend analysts say could help ease inflation and bolster the country’s economic recovery.