Fuel prices drop for the third time

The Chamber of Oil Marketing Companies says the cost of crude oil experienced a dip, from $75.49/BB to $71.94/BBL, marking a 4.16% decrease.

“Oil fell as signs that US President Donald Trump’s escalating trade war may hamper economic growth, which contributed to a bearish outlook for global demand.

“Similarly, all refined product prices exhibited a significant downward trend. Diesel and LPG prices dropped by 6.37% and 9.00%, respectively, with petrol recording the highest decrease of 9.22%”, the Chamber disclosed in the latest release.

The Chamber indicated that the Ghanaian cedi continues to show a marginal depreciation against the US dollar in the early part of March 2025.

“As of March 1st, 2025, the forex rate was approximately 15.5793GHS per USD, and by March 10th, 2025, it had increased to 15.6118GHS per USD, reflecting a marginal decrease of 0.20% in the exchange rate

“The cedi has shown marginal stability against the dollar over the past week, with slight fluctuations in exchange rates across different markets.

“Petrol, Diesel, and LPG prices at the pump are anticipated to decrease by 4.5%, 3.8%, and 3.9%, respectively.

“These downward adjustments at the pumps are in line with the decrease of petroleum product prices on the international oil market.”