Fuel prices will rise slightly at the pump beginning Wednesday, April 2.
This is based on JoyBusiness’s most recent Pricing Outlook Report, which guides Oil Marketing Companies (OMCs) from April 1 to April 15, 2025.
According to the study, petrol prices are expected to climb by 2%, to GHC 15.20 per litre, while diesel prices would rise by 1.1%, to GHC 15.35 per litre.
Liquefied Petroleum Gas (LPG) prices are predicted to reduce by 0.3% to GH17.30 per kilogramme.
These price modifications follow three consecutive reductions in fuel costs during the previous month.
What is causing the increase?
The primary cause of the Fuel price increase is rising crude oil prices on the international market.
Global oil prices have risen due to supply limits created by US sanctions and trade policies that affect key oil-producing countries such as Iran and Venezuela.
Crude oil prices have risen by 0.86% during the pricing window, with oil currently selling at roughly $74 per barrel.
Surprisingly, this anticipated Fuel prices increase is not the result of cedi depreciation, which has been unusual in recent years.
In actuality, the cedi stayed relatively constant against the US dollar throughout March, rising by 0.07% in the final week of the month due to Bank of Ghana interventions.
OMCs are divided on price adjustments.
Despite the anticipated hikes, certain Oil Marketing Companies have indicated to JoyBusiness that they may leave pricing steady. What’s the reason? Market rivalry versus consumer demand.
Industry stakeholders recognise that as prices rise, demand falls, prompting some OMCs to take a wait-and-see attitude before implementing pricing changes.
As a result, some OMCs will raise prices beginning April 2, 2025, while others may maintain current rates to retain clients.
