The Chamber of Petroleum Consumers (COPEC) has applauded the latest round of fuel price reductions by Oil Marketing Companies (OMCs), describing it as a welcome sign of Ghana’s strengthening macroeconomic fundamentals.

In the first pricing window of November, market leader Star Oil reduced petrol prices to GH¢11.97 per litre and diesel to GH¢12.47, marking one of the most significant drops in recent months.

Speaking to Citi Business News, COPEC Executive Secretary, Duncan Amoah, said the reduction reflects the positive impact of recent government policy measures and the Bank of Ghana’s forex interventions on the domestic economy.

“The best measure of your economy is at the fuel pump. If prices are coming down because of sound economic management, then the handlers of the economy are getting it right. But they shouldn’t be complacent — if the trend reverses, we’ll hold them accountable,” he cautioned.

Meanwhile, the Centre for Environmental Management and Sustainable Energy (CEMSE) has projected that domestic fuel prices could fall even further in the coming weeks, buoyed by favourable global oil market conditions and a stronger cedi.

CEMSE Executive Director, Benjamin Nsiah, noted that Ghana’s improving macroeconomic indicators — including stabilising inflation and reduced exchange rate pressures — create room for continued price relief, particularly ahead of the festive season.

“From our analysis, petroleum product prices are unlikely to rise by December. The combination of falling international benchmark prices and a firming cedi suggests we may see further reductions at the pumps,” Mr. Nsiah said.

With global crude prices easing and the cedi maintaining its resilience, consumers are expected to enjoy more relief at fuel stations — a development analysts say could help ease inflationary pressures and support Ghana’s economic recovery.