Fuel Prices Decrease for the First Time in 2025 Amid Global Decline in Crude Oil Prices
Accra, Ghana - 17 Feb, 2025 - Ghanaian motorists are breathing a sigh of relief as fuel prices have dropped for the first time this year, following a decline in crude oil prices on the international market.
The reduction, which took effect in the second pricing window of February, has seen prices of petrol and diesel decrease by up to 34 pesewas per litre.
Total Energies was the first Oil Marketing Company (OMC) to adjust its prices, reducing petrol and diesel prices to GH¢15.99 per litre, down from GH¢16.15. Shell has also followed suit, decreasing its diesel price to GH¢15.99 per litre and petrol price to GH¢15.89 per litre.
This development marks a welcome respite for Ghanaian drivers, who have faced three consecutive fuel price increases since January. Industry analysts attribute the reduction to a decline in crude oil prices on the international market, as well as other market dynamics influencing local pricing.
According to data from the Ghana Petroleum Authority, the price of crude oil on the international market has decreased by over 5% since the beginning of February. This decline, coupled with a stable exchange rate, has created a window for OMCs to reduce their prices.
The reduction in fuel prices is expected to have a positive impact on the Ghanaian economy, as it will reduce the cost of transportation and production for businesses. However, industry analysts caution that the prices may fluctuate in the coming weeks, depending on the volatility of the international oil market.
Source: Lead News Online
