The cost of petroleum products is projected to rise modestly at fuel stations starting today, December 1.
This forecast was highlighted in the latest outlook report from the Chamber of Oil Marketing Companies (COMAC), which serves as a guide for pricing decisions by oil marketing firms .
- Petrol: Prices are expected to climb between 1.97% and 3.30%, pushing the cost per litre to GH¢12.91.
- Diesel: Anticipated to rise between 2.85% and 5.15%, with the pump price per litre reaching about GH¢13.37.
- Liquefied Petroleum Gas (LPG): Could see an increase of up to 3.10% per kilogram, bringing the price to around GH¢13.80.
COMAC explained that the adjustments are largely influenced by slight increases in the cost of refined petroleum products on the global market, coupled with recent economic pressures in Ghana over the past two weeks.
International prices of refined petroleum products have been trending upward in recent weeks.
Data compiled by COMAC revealed that petrol rose by 1.26%, diesel by 2.28%, and LPG by 0.07%. Diesel prices, in particular, are expected to continue climbing, driven by uncertainties regarding product supply.
The report also emphasized the impact of the Ghanaian cedi’s performance, noting:
“The cedi depreciated slightly from GH¢10.94 to GH¢11.14, representing a 1.76% decline.”
Market analysts attribute the recent strain on the cedi to heightened corporate demand for foreign exchange and typical end-of-year financial pressures.
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers, told JoyBusiness that future fuel price stability will largely depend on how the Ghana cedi performs in the coming weeks.
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