Ghanaian motorists could see a drop in fuel prices as the Institute for Energy Security (IES) projects a potential decrease in diesel and petrol costs during the second pricing window of February. This forecast comes amid a downward trend in refined petroleum product prices on the international market, signaling a temporary relief for consumers grappling with rising living costs.
According to the IES, global prices for refined petroleum products have declined across the board – Gasoline prices fell by 1.26%, reflecting easing demand pressures, Diesel fuel dropped by 4.50% (the most significant decrease among the refined products), LPG prices decreased by 0.22%, but the change is expected to have minimal impact on local pricing.
However, the 2.18% depreciation of the Ghanaian cedi against the U.S. dollar may offset some of the potential price reductions, leading to mixed reactions in the local fuel market.
“The international fuel market has seen a decline in refined petroleum product prices. Given the combined effects of global fuel price trends and the cedi’s depreciation, the second pricing window of February is expected to bring mixed reactions on the local fuel market,” the IES stated.
During the first pricing window of February 2025, fuel prices in Ghana experienced the third consecutive increase since the start of the year; Gas Oil rose by GHS 0.45 per litre, reflecting global supply dynamics and local currency pressures, Gasoline increased by GHS 0.24 per litre, continuing the upward trend, LPG remained stable at GHS 18.79 per kilogram, with no significant price movement.
According to the IES, national average prices during the first pricing window were; Gasoline: GHS 15.61 per litre, Gasoil: GHS 15.65 per litre, and LPG: GHS 18.79 per kilogram
With global oil prices cooling and currency volatility persisting, the second pricing window of February is likely to bring modest price reductions for diesel and petrol, but LPG prices are expected to remain unchanged.
Industry analysts caution that the cedi’s depreciation could limit the impact of global price declines, while geopolitical uncertainties and supply chain disruptions could influence future pricing trends.
Ghanaian consumers are eagerly awaiting the potential price cuts, but experts warn that fuel price volatility may continue as global economic conditions fluctuate.
