Fuel prices drop for third consecutive time

Consumers of petroleum products can expect some relief as fuel prices at the pumps record a marginal decline for the third consecutive time.

This development comes two days into the commencement of the second pricing window for March.

Total Energies has led the latest adjustment, lowering the price of both petrol and diesel from GHS15.79 per liter in the first pricing window of March to GHS15.49 per litre for the second pricing window of March.

This marks the third consecutive reduction after prices began to fall in the second pricing window of February.

The reductions are being attributed to falling crude oil prices on the international market and the recent relative stability of the Ghanaian cedi against the US dollar.

This development signals a potential trend, with other oil marketing companies expected to follow suit in the coming days.

The Chamber of Oil Marketing Companies (COMC) had earlier forecasted a potential drop in fuel prices in the second pricing window for March, driven by a decline in global crude oil costs.

Data from the Chamber revealed that crude oil prices fell from $75.49 per barrel to $71.94 per barrel, marking a 4.16% decrease.

This drop is attributed to concerns over the impact of escalating trade tensions under US President Donald Trump’s administration, which have cast a bearish outlook on global economic growth and oil demand.

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