Fuel prices in Ghana are set for a potential upward adjustment in the upcoming pricing window, with industry forecasts indicating rises in petrol, diesel, and LPG. This shift would be driven by the depreciation of the cedi alongside increasing international petroleum product prices, potentially bringing an end to the streak of price reductions observed throughout January.
Should these changes take effect, they would represent the first fuel price increase of the year, following a series of consistent declines at the pumps last month.
According to projections released by the Chamber of Oil Marketing Companies (COMAC), petrol prices could climb by approximately 2.10%, diesel by 5.10%, and LPG by 1.09%. The main factors behind these anticipated hikes are elevated global prices for petroleum products and the continued weakening of the local currency.
During the present pricing window, international market prices have already risen petrol by 2.12%, diesel by 6.73%, and LPG by 3.66%. This upward trend aligns with a notable surge in crude oil prices in early February, which climbed from $62.50 per barrel to $67.40 per barrel.
Over the same period, the cedi depreciated from GHS10.90 to GHS10.98 against the US dollar, marking a drop of roughly 0.77%.
At the retail level, petrol is expected to reach around GHS11.48 per litre, while diesel, which is projected to see the largest increase could move to approximately GHS12.77 per litre. LPG is also forecasted to rise to about GHS13.50 per kilogram.
COMAC has, however, pointed out that fierce competition among oil marketing companies, combined with current market conditions, may lead some operators to absorb portions of the projected increases and keep pump prices unchanged for consumers.
Editor:
Obiri-Yeboah
