Consumers could see another reduction in fuel prices at the pumps from July 16, despite ongoing tensions in the Middle East, Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, has disclosed.

According to him, current indicators in the international petroleum market, coupled with prevailing economic conditions at home, point to a likely downward adjustment in petroleum prices during the second pricing window of July.

Speaking on PM EXPRESS Business Edition on July 9, Dr Oppong said the outlook remains favourable even if developments in the Middle East worsen.

"Even if things should get out of hand, we may keep prices unchanged for the second pricing window of this month," he stated.

Dr Oppong explained that the relative stability of the cedi over the past month has also strengthened expectations of a reduction in fuel prices.

"Another development that has helped with this projection is that the cedi has been fair over the past month, and this could see prices go down by some significant margin," he added.

The COMAC CEO also dismissed suggestions that oil marketing companies are often reluctant to pass on price reductions to consumers when market conditions improve.

He maintained that industry players have consistently adjusted prices whenever circumstances permit and indicated that the expected reduction would not be delayed.

Touching on the industry's price floor regime, Dr. Oppong reiterated his support for the recent review undertaken by the National Petroleum Authority (NPA), describing it as a decision backed by stakeholders within the sector.

"This regulatory action has indeed gone a long way to save many players in the industry," he said.

Last month, the NPA announced a significant reduction in fuel price floors for the June 16–30 pricing window.

Under the revised arrangement, the minimum price for petrol was reduced from GH¢15.20 per litre to GH¢13.39 per litre, while diesel's price floor declined from GH¢15.49 per litre to GH¢15.11 per litre.

The regulator directed all oil marketing companies to comply with the approved rates, barring them from selling below the established price floors.

The adjustment came after government ended its intervention programme that had been introduced to cushion consumers against rising global crude oil prices.

According to COMAC, the reductions recorded during the first pricing window of July were largely driven by declining crude oil prices and lower prices of refined petroleum products on the international market.

Industry analysts have attributed the drop in crude oil prices to weaker demand from China, increased oil exports from the United States, and continued releases from strategic petroleum reserves by member states of the International Energy Agency (IEA).