Fuel prices fall for third consecutive time

Consumers of petroleum products can look forward to some relief as fuel prices at the pumps see a slight decrease for the third consecutive instance. This development comes just two days into the second pricing window for March.

Total Energies has taken the lead with this latest reduction, lowering the price of both petrol and diesel from GHS15.79 per litre during the first pricing window of March to GHS15.49 per litre for the current pricing period. This is the third decrease in a row, following a trend that started during the second pricing window of February.

These price reductions are attributed to declining crude oil prices in the international market, coupled with the recent stability of the Ghanaian cedi against the US dollar. This situation may indicate a continuing trend, with other oil marketing companies likely to adjust their prices similarly in the near future.

The Chamber of Oil Marketing Companies (COMC) had previously predicted a decrease in fuel prices for the second pricing window of March, fueled by a fall in global crude oil costs. According to data from the Chamber, crude oil prices decreased from $75.49 per barrel to $71.94 per barrel, reflecting a 4.16% drop. This decline has been linked to concerns regarding the impact of escalating trade tensions under US President Donald Trump's administration, which have raised worries about global economic growth and oil demand.