Fuel prices increase by 2%; petrol to sell at ¢15.72, diesel goes for ¢16.60 per litre

Petroleum prices are predicted to climb starting today, with liquefied petroleum gas (LPG) seeing the biggest increase; therefore, Ghanaians will need to prepare for rising fuel expenses.

According to internal data obtained by JoyBusiness, the price of gasoline and diesel is expected to increase by about 2% per liter, while the price of LPG may rise by a substantial 4.6% per kilogram.

Petrol prices are projected to increase by 1.9%, pushing the cost per litre to around ¢15.72. Diesel is expected to rise by 2.1%, bringing its price to ¢16.60 per litre.

However, LPG will see the highest surge, with an anticipated 4.6% jump, taking the price per kilogram to approximately ¢18.20.

While these figures serve as a guide for Oil Marketing Companies (OMCs), it remains uncertain whether all industry players will adopt the new pricing. The competitive nature of the market may lead some OMCs to adjust prices at their discretion.

The price hikes have been largely attributed to increasing crude oil prices on the international market and the rising cost of finished petroleum products.

Additionally, the depreciation of the cedi—down by over 2% against the US dollar in January alone—has compounded the situation, making fuel imports more expensive.

As consumers adjust to the new prices, the burden on households and businesses reliant on fuel and LPG is expected to increase, sparking concerns over the broader economic impact of these adjustments.