Fuel Prices Expected to Rise as Cedi Weakens and Global Oil Costs Climb
Petrol, diesel, and LPG expected to rise as crude oil prices surge and cedi loses value
- Petrol, diesel, and LPG are projected to rise in the next pricing window due to higher international crude prices and a weaker cedi
- Petrol may sell at GHS11.48 per litre, diesel at GHS12.77, and LPG at GHS13.50 per kilogram
- COMAC notes competition among oil marketers may lead some to absorb part of the increases
Fuel prices in Ghana are expected to increase in the next pricing window, with petrol, diesel, and LPG projected to record hikes due to the weakened cedi and rising international crude oil prices.
This would end January’s streak of consecutive price reductions.
According to projections from the Chamber of Oil Marketing Companies (COMAC), petrol could rise by 2.10%, diesel by 5.10%, and LPG by 1.09%, reflecting both global price trends and local currency depreciation.
Internationally, petroleum product prices have already surged within the current pricing window: petrol by 2.12%, diesel by 6.73%, and LPG by 3.66%. Crude oil prices jumped from $62.50 to $67.40 per barrel in early February, further pressuring local fuel costs.
The Ghana cedi also fell from GHS10.90 to GHS10.98 per US dollar, representing a 0.77% depreciation, compounding the upward pressure on fuel prices.
At the pump, petrol is projected to sell at about GHS11.48 per litre, diesel at GHS12.77 per litre—the largest adjustment—and LPG at approximately GHS13.50 per kilogram.
COMAC, however, noted that market competition among oil marketers may lead some companies to absorb part of the increases, potentially keeping pump prices unchanged for some consumers.
