Fuel Prices To Decrease Starting Friday As Cedi Strengthens – COMAC Confirms

Ghanaian consumers are set to enjoy some relief at the fuel pumps starting Friday, May 16, 2025, as fuel prices are expected to decline. This was confirmed by the Chamber of Oil Marketing Companies (COMAC), attributing the anticipated drop to favorable economic trends.

In an interview with Joy Business, COMAC Chief Executive Dr. Riverson Oppong pointed to the recent appreciation of the Ghana cedi and falling international prices of refined petroleum products as key reasons for the upcoming reduction.

“One of the biggest components in determining fuel prices in Ghana is the foreign exchange rate,” Dr. Oppong said. “With the cedi strengthening and global crude prices declining, a reduction in pump prices is to be expected.”

He further explained that the combination of a weakening U.S. dollar and falling crude benchmarks has led to a 13% to 15% average drop in petroleum product prices. Dr. Oppong expressed optimism that, should current trends continue, further reductions may be seen in the near term.

This development comes as the Ghana cedi emerges as the best-performing currency among 15 Sub-Saharan African peers, recording a 6.25% gain against the U.S. dollar in the retail market over the past week and a 16.29% increase year-to-date.

Adding to the positive momentum, S&P Global Ratings recently upgraded Ghana’s foreign currency credit rating from “Selective Default” to “CCC+/C,” citing improvements in economic growth and fiscal reforms.

Fuel Prices Set to Drop on May 16 Amid Stronger Cedi, Lower Oil Priceshttps://t.co/MAiahFSYx1

— The High Street Journal (@TheHighStreetJ) May 14, 2025

Source: Nkonkonsa.com