Fuel prices to go down in March – Chamber of Oil Marketing Companies

The Chamber of Oil Marketing Companies is predicting that the prices of petroleum products are expected to go down in the first pricing window of March 2025.

According to the Chamber, the cost of crude oil experienced a marginal dip, from $76.86/BBL to 75.49/BBL, marking a 1.32% decrease.

The Chamber further explained that oil slipped to a new low for the year as US President Donald Trump blitzed markets with a slew of conflicting announcements on trade.

“The Ghanaian cedi continues to show a slight depreciation against the US dollar in the early part of February 2025. As of February 14th, 2025, the forex rate was approximately 15.4244GHS per USD, and by February 21st, 2025, it had increased to 15.5793GHS per USD, reflecting a marginal decrease of 0.99% 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.

“The Ghanaian cedi continues to show a slight depreciation against the US dollar in the early part of February 2025. As of February 14th, 2025, the forex rate was approximately 15.4244GHS per USD, and by February 21st, 2025, it had increased to 15.5793GHS per USD, reflecting a marginal decrease of 0.99% in the exchange rate”, the Chamber stated.

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

“Ex-pump price projection: Petrol, Diesel, and LPG prices at the pump are anticipated to decrease by 0.6%, 0.3% and 0.3% respectively. These downward adjustments at the pumps are in line with the decrease of petroleum product prices on the international oil market and slow down cedi depreciation.”