Fuel prices at the pumps have dropped, providing relief to consumers as the average price per litre of petrol has fallen from about 14.5 cedis to about 12.9 cedis. This decrease is largely driven by a significant decline in global oil prices since July 2024, with prices plummeting from around $87 per barrel to approximately $72 per barrel.

Despite a 24% depreciation of the cedi in 2024, the drop in oil prices has offset the currency’s weakness, resulting in lower pump prices. The reduction in fuel costs comes at a time when inflation has been steadily falling for five consecutive months, reaching 20.4% in August, helping to further ease the financial burden on Ghanaians grappling with rising living expenses.

In addition to the consumer benefits, the fall in oil prices is expected to deliver crucial foreign exchange savings for the government. With reduced spending on fuel imports, these savings could help the government meet critical financial obligations, such as paying approximately $477 million as part of its restructured debt agreement with Eurobond creditors.