Petroleum product prices are anticipated to experience slight increases at fuel stations starting today, April 2.
This forecast is derived from the most recent Pricing Outlook Report acquired by JoyBusiness, which serves as a guideline for Oil Marketing Companies (OMCs) from April 1 to April 15, 2025.
The report indicates that petrol prices are expected to rise by 2%, resulting in a new price of GHC 15.20 per liter, while diesel is projected to increase by 1.1%, reaching GHC 15.35 per liter.
Conversely, there is a minor decrease anticipated for Liquefied Petroleum Gas (LPG), which is expected to fall by 0.3%, with a kilogram priced at GH¢17.30.
These adjustments follow three consecutive reductions in fuel prices over the previous month.
Reasons Behind the Increase
The primary factor contributing to the price increase is the rise in crude oil prices on the global market.
International oil prices have surged due to supply limitations stemming from U.S. sanctions and trade policies impacting major oil-producing countries such as Iran and Venezuela.
During the pricing period, crude oil prices have risen by 0.86%, with current trading around $74 per barrel.
Notably, this anticipated price increase is not attributed to the depreciation of the cedi, which is an unusual situation in recent times.
In fact, the cedi has shown relative stability against the US dollar throughout March, even appreciating by 0.07% in the final week of the month, aided by interventions from the Bank of Ghana.
Divergence Among OMCs on Price Changes
Despite the expected price hikes, some Oil Marketing Companies have indicated to JoyBusiness that they might maintain their current prices. The rationale behind this decision is market competition and consumer demand.
Industry stakeholders recognize that price increases often lead to a decrease in demand, prompting some OMCs to take a cautious approach before implementing price changes.
Consequently, while certain OMCs will raise prices starting April 2, 2025, others may opt to keep their prices steady to retain their customer base.
