NPA projects fuel price drop amid falling crude oil prices

The National Petroleum Authority (NPA) projects a decline in petroleum prices by mid-March 2025 due to falling crude oil prices and a slight cedi depreciation.

According to the NPA’s February 28 report, crude oil prices have dropped by 2.03%, from $75.06 to $73.53 per barrel, driven by global market uncertainties, including U.S.-Ukraine tensions, new U.S. tariffs, and Iraq’s resumption of Kurdistan oil exports.

The anticipated reduction is good news for consumers, particularly transport operators and businesses reliant on fuel. If current trends persist, fuel prices at the pump could decrease in the coming weeks, offering some relief amid economic challenges.

This aligns with broader global trends, as oil prices face downward pressure from geopolitical and economic factors.