Fuel prices in Ghana are expected to decline once more when the next pricing window opens on March 16, 2025, offering some relief to consumers after a period of volatility.

According to industry data from the National Petroleum Authority (NPA) sighted by ceditalk.com the anticipated drop is primarily driven by falling global crude oil prices and reductions in the cost of major petroleum products. This comes despite a slight depreciation of the Ghanaian cedi against the US dollar over the past two weeks.

Crude oil prices have fallen by approximately 4.14%, dropping from $75.06 per barrel to $71.95 per barrel. As a result, refined petroleum product prices have also declined, with petrol decreasing by 9%, gasoil (diesel) by 6.33%, and Liquefied Petroleum Gas (LPG) by 8.98% in international markets.

While the Ghanaian cedi weakened marginally by 0.20%, slipping from 15.5799 to 15.6118 per US dollar, the overall decline in global oil prices is expected to offset this effect, contributing to the projected decrease in fuel prices at the pump.

Although final retail prices will depend on individual pricing decisions by Oil Marketing Companies (OMCs), the market trend suggests that fuel prices could fall by at least 5% at the pump starting Monday.