Fuel prices set to hold as cedi stability and lower crude ease pressure on consumers

Fuel prices in Ghana are projected to stay unchanged during the upcoming pricing window, as a stable cedi and lower global crude oil costs are alleviating strain on consumers, Petrosol CEO Michael Bozumbil has revealed. Bozumbil, speaking on Joy News' PM Express Business Edition, assured that consumers should not anticipate a price hike when the next pricing cycle kicks off. While his team is still crunching the numbers, Bozumbil noted that based on current market trends, fuel prices should remain stable.

The CEO pointed out that two primary factors are contributing to this outlook: the global fuel prices and the stability of the Ghana cedi. Bozumbil emphasized that the cedi's relative stability has been instrumental in maintaining price consistency. In the past, international fuel prices falling did not necessarily result in reduced prices at the pumps, primarily because the cedi would depreciate sharply, leaving consumers perplexed.

He explained that with the cedi's stability now, consumers can more directly capitalize on favorable shifts in international markets.

Bozumbil also highlighted the advantages of Ghana's deregulated fuel pricing system, noting that when prices do increase, consumers can benefit from the improvements, especially when the local currency is strong. He stressed that both international fuel prices and the stability of the Ghana cedi are driving the present price stability.