- Fuel prices have decreased for the third time in a row
- The drop is linked to trade tensions and concerns about global economic growth and oil demand
- Crude oil prices dropped by 4.16%, from $75.49 to $71.94 per barrel
Consumers of petroleum products can anticipate some relief as fuel prices at gas stations experience a slight decrease for the third consecutive time.
This change occurs two days after the start of the second pricing period for March. Total Energies has led the recent price adjustment, reducing the cost of both petrol and diesel from GHS15.79 per liter in the first March pricing period to GHS15.49 per liter in the second.
This represents the third consecutive price drop since prices started to decline during the second pricing window of February.
The price reductions are attributed to a decrease in crude oil prices on the global market and the recent stability of the Ghanaian cedi against the US dollar.
This trend suggests that other oil marketing companies may soon follow suit. The Chamber of Oil Marketing Companies (COMC) had previously predicted a potential drop in fuel prices for the second March pricing window, driven by a reduction in global crude oil prices.
According to data from the Chamber, crude oil prices fell from $75.49 per barrel to $71.94 per barrel, reflecting a 4.16% drop.
This decline is linked to concerns over the effects of rising trade tensions under US President Donald Trump’s administration, which have created a pessimistic outlook on global economic growth and oil demand.
