The Chamber of Oil Marketing Companies (COMAC) has announced that fuel prices are expected to decline from Friday, May 16, 2025, following the recent appreciation of the Ghanaian cedi against the US dollar.
According to COMAC Chief Executive, Dr. Riverson Oppong, the strengthening of the cedi on the interbank forex market is positively impacting the price build-up of petroleum products—a development that offers relief to consumers across the country.
Forex rates play a significant role in determining fuel prices in Ghana, and with benchmark prices and international crude oil prices also trending downward, the local market is seeing a notable reduction. Fuel prices, which have dropped by an average of 13% to 15% in recent days, are expected to continue on a downward trajectory if current macroeconomic indicators hold steady.
COMAC indicated that the continued stability of the cedi will be key to sustaining this relief at the pumps, potentially easing the financial burden on households and businesses alike.