Consumers will see slight increases in fuel prices at the pump starting today, April 2, 2025. According to the latest Pricing Outlook Report obtained by JoyBusiness, the adjustments will be in effect from April 1 to April 15, 2025, guiding pricing decisions by Oil Marketing Companies (OMCs).
The report indicates that petrol prices will rise by 2%, bringing the price per liter to GHC 15.20, while diesel prices will increase by 1.1% to GHC 15.35 per liter.
On the other hand, consumers of Liquefied Petroleum Gas (LPG) will experience a marginal relief, as its price is expected to drop by 0.3%, with a kilogram selling at GHC 17.30.
These changes follow a period of three consecutive fuel price reductions over the past month, making this the first increase in recent weeks.
The main factor driving this fuel price adjustment is the rising cost of crude oil on the international market. Global oil prices have increased by 0.86%, with crude currently trading at around $74 per barrel.
This rise is primarily due to supply constraints triggered by U.S. sanctions and trade policies affecting major oil-producing countries like Iran and Venezuela.
Interestingly, this price adjustment is not linked to currency depreciation, which is often a key factor in Ghana’s fuel price fluctuations. The cedi has remained stable against the US dollar throughout March, even appreciating by 0.07% in the final week of the month.
This stability is attributed to interventions by the Bank of Ghana, which have helped keep exchange rate fluctuations in check.
Despite the expected increase, not all OMCs are planning to adjust their prices immediately. Some companies have indicated they may hold prices steady, at least in the short term. This is due to market competition and consumer demand dynamics.
Each time fuel prices rise, demand tends to drop, pushing some OMCs to delay price increases in a bid to retain customers. While some fuel stations will reflect the new prices starting April 2, others may maintain current rates as they observe market trends before making adjustments.
While petrol and diesel users will pay slightly more, LPG users will see a small price drop. However, competition in the fuel market may soften the impact for consumers, as some OMCs may keep prices unchanged for now.
As the pricing window progresses, further adjustments could occur depending on global oil price trends and local market conditions.
