By Prince Ahenkorah
Ghana’s petrol pumps could offer festive cheer this December, with COMAC board chair Gabriel Kumi forecasting cuts in petrol, diesel and LPG prices from mid-month.
Global crude benchmarks are sliding diesel down 10%, petrol 6%, LPG 1-1.5% – but the cedi’s resilience against the dollar will dictate the pass-through.
Kumi, speaking on JoyNews, struck an upbeat note: “Ghanaians are going to have a very good Christmas” at the pumps.
The first pricing window from 16 December should reflect international softening via the NPA’s PETROPRICES formula which weights Platts Singapore averages (60-70%), ex-pump margins, taxes (including 20% petroleum levy), and cedi-USD rates with the Christmas-New Year period promising deeper cuts if currency wobbles are avoided.
Behind the optimism lies a familiar caveat. A year ago, by mid-December 2024, pump petrol hovered at GH¢15.99/litre amid 28% cedi depreciation and Brent over $80/bbl; today’s global slide offers relief, but NDC economic stewardship since January curbing inflation to 22% from 40% peaks yet battling $3bn forex reserves keeps the wildcard in play.
The relief, if it materialises, would ease burdens on motorists, truckers and households, curbing food inflation costs. Yet COMAC insiders whisper of refinery delays at Sentuo and lags in state fuel imports, risks that could blunt the gains.
Kumi expects sustained declines into January, barring forex shocks. For now, Accra’s pump queues might shorten – a small mercy in a year of belt-tightening.