Fuel Prices to Rise, LPG Sees Sharpest Increase
Ghanaians should prepare for higher fuel costs as petroleum prices are set to rise, with Liquefied Petroleum Gas (LPG) experiencing the steepest increase.
Petrol and diesel prices are expected to increase by approximately 2% per litre, while LPG could see a 4.6% jump per kilogram. Petrol prices are projected to rise by 1.9% to ¢15.72 per litre, while diesel is expected to increase by 2.1% to ¢16.60 per litre. LPG, however, will witness the most significant hike, reaching approximately ¢18.20 per kilogram.
Although these price adjustments serve as a reference for Oil Marketing Companies (OMCs), it remains uncertain whether all industry players will implement the full increase, as market competition may lead to varied pricing strategies.
Factors Driving Price Increases
The surge in fuel prices has been attributed to:
- Rising crude oil prices on the international market
- Higher costs of refined petroleum products
- Depreciation of the cedi, which has fallen by over 2% against the US dollar in January alone, making fuel imports more expensive
Impact on Consumers and Businesses
The fuel price hike is expected to place an additional financial burden on households and businesses, particularly those heavily reliant on fuel and LPG.
According to Cedirates, the average petrol price has risen from ₵13.96 per litre three months ago to ₵14.60 today, reflecting the ongoing upward trend. Additionally, it now costs approximately ₵730.00 to fill the tank of an average vehicle.
With the economic impact of these price increases looming, concerns over inflationary pressures and rising costs of goods and services are expected to grow in the coming weeks.
