The first fuel pricing window for January began at the start of the year with some oil marketing companies (OMCs) implementing modest cuts in the ex-pump prices.
Customers are therefore expected to receive some relief from the cuts, which will continue the current trend of declining fuel prices.
Star Oil, the market leader, has, for instance, implemented early price cuts resulting in a litre of petrol costing GH10.86, diesel – GH11.96, and RON95 – GH13.56.
The company ascribed the cuts to a combination of factors, including the declining global pricing for refined petroleum products and the Ghana cedi’s recent gains against the leading foreign currencies, which has reduced import expenses and made it possible to pass on savings on to customers.
Meanwhile, the Chamber of Oil Marketing Companies (COMAC) has predicted general price drops in its January pricing prediction, with petrol expected to drop by as much as 4.80 percent, diesel by around 3.77 percent, and liquefied petroleum gas (LPG) by roughly 2.19 percent.
The expected reductions, according to COMAC, reflect a better domestic and external cost environment, with a stronger cedi relieving exchange-rate pressures that normally effect ex-pump pricing and lower global refined product prices lowering landing costs.
