Drivers in Ghana woke up to another fuel price hike as the first pricing window of February kicked off with upward adjustments at major oil marketing companies. The latest pricing update shows Shell, Goil, JP, and StarOil increasing both petrol and diesel prices, with some adjustments reaching nearly 10% compared to the last pricing window.
At Shell, petrol now sells at GH¢16.23 per litre, up from GH¢15.59, reflecting a 4.1% increase. Diesel also climbed from GH¢15.79 to GH¢16.20, marking a 2.6% jump.
Goil, known for competitive pricing, raised petrol prices from GH¢15.29 to GH¢15.85, a 3.66% increase, while diesel saw a 1.4% jump to GH¢15.99.
At JP, the price surge is more pronounced. Petrol rose from GH¢14.42 to GH¢15.77, a 9.36% increase, while diesel climbed from GH¢14.96 to GH¢15.67, an increase of 4.75%—making JP one of the hardest-hit in this pricing window.
StarOil, the most affordable among the four, also raised its prices, though at a relatively lower rate. Petrol moved from GH¢14.99 to GH¢15.37, an increase of 2.53%, while diesel climbed by the same margin to GH¢15.37.
The recent fuel price hikes are not surprising, given the global oil market’s fluctuations and Ghana’s ongoing currency struggles. Crude oil prices have remained volatile, driving up the cost of refined petroleum products. However, beyond external factors, the cedi’s persistent weakness has played a significant role in the latest price adjustments.
Despite the Bank of Ghana’s (BoG) $106 million liquidity intervention last Friday, the cedi has shown no significant improvement. As of Monday morning, it was still trading at 15.35/15.50 per dollar, the same rate it closed at on Friday. This lack of movement suggests that the demand for the dollar remains high, and BoG’s efforts to stabilize the exchange rate have not yet yielded the desired results.
Market analysts say businesses that rely heavily on imports, including fuel marketers, are feeling the pinch. With the local currency failing to strengthen, fuel importers are forced to adjust their pricing to reflect the higher cost of bringing in petroleum products.
As a result, fuel prices remain elevated, potentially increasing transportation costs and pushing up the price of goods and services. While no new fuel taxes or levies have been announced, the cedi’s struggles and rising global oil prices continue to exert pressure on local fuel prices.
Whether the second pricing window of February will bring relief depends on how well the cedi holds up in the coming days and how global crude prices trend.
