The Chamber of Oil Marketing Companies has announced an expected reduction in fuel prices for the first pricing window of March 2025.
Petrol, diesel, and liquefied petroleum gas (LPG) are all set to see marginal price cuts, marking the second consecutive reduction in petroleum product prices.
According to COCOB, petrol prices are anticipated to decrease by 0.6%, while diesel and LPG prices will drop by 0.3% each.
These reductions align with falling international petroleum product prices and a slower rate of cedi depreciation.
Speaking to Accra-based Starr FM, monitored by www.kumasimail.com Dr. Riverson Oppong, Chief Executive of the Chamber, explained the factors influencing the price drop.
“We have seen a decline in crude oil prices, which have dropped from $78 per barrel to $75 per barrel, reflecting a 1.32% decrease. Similarly, international refined petroleum product prices have also fallen, with petrol dropping by 1.1%, LPG by 1.42%, while diesel recorded a slight increase of 2.4%,” Dr. Oppong stated.
Despite the overall price decline, Dr. Oppong explained that the ongoing challenges in the oil market, including diesel shortages in some areas.
However, he assured that adjustments at the pump would reflect the overall decrease in global petroleum product prices and exchange rate movements.
Consumers are expected to experience the new fuel prices when the revised rates take effect in the upcoming pricing window.
Source : www.kumasimail.com
