The Chamber of Oil Marketing Companies (COMAC) has confirmed that prices of petroleum products are expected to drop at the pumps starting Friday, May 16, 2025.
The Chamber has attributed the anticipated reduction to the cedi’s current strong performance and declining prices of finished petroleum products on the international market.
Speaking to Joy Business, the Chief Executive Officer of COMAC, Dr. Riverson Oppong, said the reduction was expected, as the foreign exchange rate is a major factor in petroleum price determination.
“As we speak now, the benchmark prices are falling as well, and the U.S. dollar is weakening. That’s why you’re seeing petroleum product prices coming down — all the way from 15% to 13% today, on average,” Dr. Oppong said.
This development comes as a relief to the general public, particularly drivers and car owners, who have been struggling with frequent price hikes. The major factors behind these rising costs have been the global increase in crude oil prices and the cedi’s previous depreciation.
Within the past week, the Ghana cedi has seen a sharp appreciation against the US dollar as the rates went from 17 cedis per dollar to 12 cedis per dollar, and analysts say this upward trend is likely to continue. With the currency gaining strength, many hope to see some stability in fuel prices and overall living costs.
