Consumers of petroleum products in Ghana can expect a slight relief at the pumps as prices are set to dip marginally starting April 16, 2025. This adjustment comes in line with the latest pricing outlook report, which guides the pricing strategies of Oil Marketing Companies (OMCs) nationwide.
Price Adjustments
Petrol: Prices are projected to drop by 1.5%, reducing the cost per litre to GH₵14.88.
Diesel: A modest decrease of 0.3% will bring the price to GH₵15.50 per litre.
Liquefied Petroleum Gas (LPG): A kilogram of LPG will see a 0.3% reduction, priced at GH₵17.45.
If the anticipated adjustments are implemented by all OMCs—of which there are over 100—this will mark the fifth consecutive reduction in petroleum product prices since February 2025.
Driving Forces Behind the Decline
The consistent drop in global crude oil prices has been the primary factor influencing this trend. Over the past weeks, crude oil prices have fallen from US$72 per barrel to approximately US$64 per barrel. Additionally, the international market has experienced significant declines in the prices of refined petroleum products.
Diesel: Prices have fallen by 3.72% globally.
LPG: A substantial drop of 9.61% has been recorded.
These trends reflect a favorable outlook for consumers, as reduced international costs are gradually trickling down to the local market.
Potential Impacts
While the price reduction is a welcome relief, it is unlikely to immediately affect transport fares. The Ghana Private Road Transport Union (GPRTU) has noted that several factors beyond fuel prices—such as insurance costs and spare parts prices—play a significant role in determining fares.
The GPRTU has further stated that fuel prices would need to fall to around GH₵12 per litre before any meaningful discussions on fare reductions can commence.
Nevertheless, the downward trend in fuel prices is expected to contribute to easing the cost of living in Ghana. With petroleum prices declining steadily since February, consumers may experience slight relief in overall expenses, potentially boosting economic activity.
Looking Ahead
As global crude oil prices and refined petroleum product costs continue to fluctuate, the government and stakeholders are urged to seize this opportunity to negotiate policies that sustain the declining trend. Such measures could provide long-term benefits for both consumers and businesses, fostering stability in Ghana’s fuel market.
Story by: Mercy Addai Turkson #ahotoronline.com
