Ghana’s fuel market is witnessing notable adjustments as the second pricing window of January 2025 begins.
Key Oil Marketing Companies (OMCs) such as Shell and GOIL have implemented incremental price hikes in petrol and diesel, reflecting the ongoing pressures of currency depreciation and global crude oil price volatility.
At Shell stations, petrol now sells at GH¢15.59 per litre, up from GH¢15.30, while diesel has risen from GH¢15.66 to GH¢15.79 per litre.
Similarly, GOIL has adjusted its prices, with petrol now retailing at GH¢15.29 per litre, an increase from GH¢14.99, and diesel rising slightly from GH¢15.60 to GH¢15.77 per litre. While other OMCs have yet to adjust their prices, market watchers are keenly anticipating possible changes in the coming days.
Industry experts had long projected these marginal increases, attributing them to the weakened cedi against major currencies and a steady climb in global crude oil prices.
The first pricing window of January saw GOIL setting petrol at GH¢14.99 and diesel at GH¢15.60, slightly lower than the current rates. These changes, though modest, underscore the persistent challenges faced by Ghana’s economy in managing the impact of global market dynamics on local fuel prices.
Despite these adjustments, Ghana’s fuel prices remain relatively competitive within Africa. According to GlobalPetrolPrices.com, as of January 6, 2025, Ghana ranked 13th on the continent for having the lowest petrol prices, with an average price of $1.051 per litre.
The increase comes amidst a backdrop of growing frustration from consumer groups, who are calling for urgent government interventions to cushion the impact of rising fuel costs on households and businesses.
Experts suggest that strategies such as promoting energy efficiency and transitioning to alternative energy sources could mitigate the long-term effects of these price hikes.
