Motorists across Ghana can breathe a sigh of relief as fuel prices at the pumps continue to decline for the third consecutive time, offering a glimmer of hope amid economic challenges.
Two days into the second pricing window of March, leading oil marketing company TotalEnergies has slashed its petrol and diesel prices from GH¢15.79 to GH¢15.49 per liter—a move expected to trigger a similar response across the industry.
This marks a sustained trend of reductions that began in late February, driven by a combination of falling global crude oil prices and the recent relative stability of the Ghanaian cedi against the US dollar.
The Chamber of Oil Marketing Companies (COMC) had earlier predicted the drop, citing a 4.16% fall in crude oil prices—from $75.49 to $71.94 per barrel—on the global market.
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Analysts attribute the dip in fuel prices to a bearish economic outlook, fueled by rising trade tensions under the US administration and concerns over global demand.
Expectations are high that other oil marketing firms will follow TotalEnergies’ lead, which could lead to gradual relief for consumers at the pumps in the coming weeks.
