The National Petroleum Authority (NPA) has projected a decline in petroleum prices by mid-March 2025, attributing the expected reduction to falling crude oil prices and a slight depreciation of the Ghanaian cedi against the US dollar.
According to the latest Petroleum Price Indicators released by the NPA on February 28, 2025, crude oil prices have dropped by 2.03%, from $75.06 per barrel to $73.53 per barrel.
The decline is largely driven by global market uncertainties, including tensions between the U.S. and Ukraine, new tariffs imposed by Washington, and Iraq’s decision to resume oil exports from the Kurdistan region.
The projected price drop comes as welcome news for consumers, particularly transport operators and businesses that rely heavily on petroleum products.
It also aligns with broader global trends, as oil prices have faced downward pressure due to geopolitical and economic developments.
The NPA report indicates that if current market trends persist, fuel prices at the pump could see slight reductions in the coming weeks, providing some relief to Ghanaians amid ongoing economic challenges.