Fuel Prices Set to Rise Slightly from April 2
Prices of petroleum products are set to increase slightly at fuel stations starting today, April 2, 2025. This adjustment follows the latest Pricing Outlook Report, which outlines expected changes in fuel costs for the pricing window from April 1 to April 15, 2025.
Petrol prices are projected to rise by 2%, bringing the cost per liter to GHC 15.20, while diesel is expected to see a 1.1% increase to GHC 15.35 per liter.
However, consumers using Liquefied Petroleum Gas (LPG) will experience slight relief, as prices are anticipated to drop by 0.3%, with a kilogram now selling at GHC 17.30. These changes come after three consecutive price reductions in the past month.
The increase in fuel prices is primarily attributed to the rising cost of crude oil on the global market. Supply constraints caused by U.S. sanctions and trade restrictions affecting oil producers like Iran and Venezuela have pushed oil prices higher.
Over the pricing window, crude oil prices have risen by 0.86%, with oil now trading at approximately $74 per barrel.
Interestingly, the price hike is not linked to the depreciation of the Ghanaian cedi, which has remained relatively stable against the US dollar throughout March.
The currency even saw a slight appreciation of 0.07% in the last week of the month, supported by interventions from the Bank of Ghana.
Despite the expected increases, some Oil Marketing Companies (OMCs) are considering keeping prices steady due to market competition and consumer demand concerns. Industry insiders note that higher fuel costs often lead to reduced demand, prompting some OMCs to adopt a cautious approach.
As a result, while some companies will implement the price adjustments immediately, others may hold off in an attempt to retain customers.
Story by Adwoa S. Danso
