The Chief Executive of Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, has noted that fuel prices are responding to the recent appreciation of the cedi against the dollar.

According to him, the drop in the prices of petroleum products is anticipated as the cedi, a huge contributing factor to the price build-up, is gaining on the interbank forex market.

Consumers are to expect the price drop from Friday, May 16, 2025, according to the COMAC.

Dr Oppong said a stable forex rate is a good indication for consumers to enjoy price reduction at the pumps.

“One of the biggest components in the price derivation of crude oil product prices in Ghana has to do with the forex. As we speak now, the benchmark prices are falling as well, and the U.S. is falling. That's why you've seen petroleum product prices coming down. All the way from 15% to 13% today, on average,” he said.

Dr Oppong added that the trend may continue, urging consumers to brace themselves to enjoy more relief if the cedi’s stability continues.

“Indeed, we expect this to continue. As far as these two components play their roles, plummeting down or taking a nosedive, I believe that ordinary Ghanaians or you and I will need to benefit from it from all angles,” he said excitedly.

SSD/KA

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