After a period of steady declines in January, fuel prices in Ghana are bracing for an upward shift, with industry analysts warning of possible hikes in petrol, diesel, and LPG during the upcoming pricing window.
The anticipated increases are attributed to the recent depreciation of the cedi and rising international petroleum prices, possibly putting an end to the run of price reductions seen at the start of the year.
According to projections from the Chamber of Oil Marketing Companies (COMAC), petrol prices could rise by around 2.10%, diesel by 5.10%, and LPG by 1.09%. These adjustments are being driven by higher global petroleum product prices and the weakened cedi, which slipped from GHS10.90 to GHS10.98 to the US dollar, a decline of about 0.77%.
Internationally, petrol prices increased by 2.12%, diesel by 6.73%, and LPG by 3.66% within the current pricing window. Crude oil prices also surged sharply in early February, jumping from $62.50 to $67.40 per barrel.
At the local pumps, petrol is projected to sell at roughly GHS11.48 per litre, with diesel expected to see the biggest jump to about GHS12.77 per litre. LPG could also climb to approximately GHS13.50 per kilogram.
Despite these forecasts, COMAC points out that fierce competition among oil marketing companies and ongoing market dynamics could prompt some marketers to absorb part of the increases, potentially keeping pump prices steady for consumers.
