Fuel Prices to Rise Marginally from Today
Fuel prices in Ghana are set to edge higher from today, April 2, 2025, following the latest pricing outlook by Oil Marketing Companies (OMCs) for the period April 1 to April 15, 2025. The upward adjustment reflects developments in global crude markets, with oil prices rising due to supply constraints.
Market Adjustments and Projections
According to industry estimates, petrol prices are expected to climb by 2% to GHC 15.20 per liter, while diesel will rise by 1.1% to GHC 15.35 per liter.
However, consumers of Liquefied Petroleum Gas (LPG) will see a marginal price decline of 0.3%, bringing the cost per kilogram to GHC 17.30.
These changes come on the back of three consecutive fuel price reductions in recent weeks.
Global Market Forces Driving Prices
The primary driver of this latest adjustment is the sustained increase in crude oil prices on the international market. The rise is attributed to U.S. sanctions and geopolitical uncertainties affecting major oil producers such as Iran and Venezuela. Over the pricing window, crude oil prices have edged up 0.86%, with benchmark Brent crude trading around $74 per barrel.
Notably, the price increases are not linked to the Ghanaian cedi’s performance, a rare departure from previous trends. The local currency has remained relatively stable against the U.S. dollar throughout March, even appreciating by 0.07% in the final week, buoyed by interventions from the Bank of Ghana.
OMCs Weigh Competitive Pressures
Despite the forecasted increases, Oil Marketing Companies (OMCs) are split on implementation. Some industry players indicate that fierce competition and price-sensitive consumer demand could prompt a wait-and-see approach, with some firms opting to keep prices unchanged in a bid to retain market share.
Historically, price hikes have dampened fuel demand, prompting selective adoption of price adjustments. As a result, while some OMCs will reflect the new rates from April 2, others may hold off on passing costs to consumers immediately.
