Fuel prices have been on an increasing streak this year
Fuel prices have been on the rise as oil marketing companies adjust their rates at the pumps with the onset of the first pricing window for February 2025.
Star Oil led the price hikes on February 3, 2025, by increasing the price of diesel to GH¢15.37 per litre while maintaining the price of petrol at GH¢14.99 per litre. Just a day later, on February 4, 2025, the price of petrol was also increased to GH¢15.37 per litre.
In the meantime, other oil marketing companies followed suit.
Shell has set its prices at GH¢16.23 per litre for petrol and GH¢16.20 for diesel. GOIL’s prices are GH¢15.85 per litre for petrol and GH¢15.99 for diesel, while TotalEnergies has priced both petrol and diesel at GH¢16.15 per litre.
The increases are largely attributed to global factors, according to the Chamber of Petroleum Consumers (COPEC), which cites rising global crude oil prices and the depreciating Ghanaian cedi as primary contributors.
Before the pricing window opened, COPEC had projected a slight reduction in petrol prices by 2.93 percent, anticipating a drop from the current average of GH¢15.141 per litre to GH¢14.697 per litre, assuming no unexpected shifts in international prices.
Meanwhile, liquefied petroleum gas (LPG) prices were forecasted to rise by 4.26 percent, reaching GH¢17.224 per kilogram. As a result, a 14.5kg LPG cylinder is expected to cost approximately GH¢249.74.
The price hikes come on the back of a 5.68 percent rise in global crude oil prices, which have surged from $76.72 per barrel to $81.08 per barrel.
Furthermore, the Ghanaian cedi has depreciated against the US dollar from GH¢14.85/$1 to GH¢15.09/$1, a 1.58 percent drop, which has further compounded the upward pressure on local fuel prices.
SSD/MA
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