Consumers in Ghana can expect a much-needed relief at the pump as the National Petroleum Authority (NPA) projects a drop in fuel prices by mid-March 2025. This forecast follows a decline in global crude oil prices and a slight depreciation of the Ghanaian cedi against the US dollar.
According to the NPA’s Petroleum Price Indicators released on February 28, 2025, crude oil prices have fallen by 2.03%, from $75.06 per barrel to $73.53 per barrel. The decline is linked to ongoing global market fluctuations, including geopolitical tensions involving the United States and Ukraine, fresh U.S. trade tariffs, and Iraq’s decision to resume oil exports from the Kurdistan region.
For the pricing window beginning March 16, 2025, the NPA anticipates reductions across major petroleum products:
Petrol: Down 3.55% (from $709.66/MT to $684.47/MT)
Diesel (Gasoil): Down 3.47% (from $720.16/MT to $695.19/MT)
Liquefied Petroleum Gas (LPG): Down 5.90% (from $609.34/MT to $573.42/MT)
Jet/Kerosene: Down 3.53% (from $744.18/MT to $717.92/MT)
Fuel Oil: Down 3.98% (from $485.30/MT to $465.97/MT)
Additionally, the foreign exchange rate (USD/GHS) used in petroleum pricing saw a marginal depreciation of 0.81%, moving from 15.5799 to 15.7077.
This anticipated dip in fuel prices will bring positive prospects for transport operators, businesses, and households reliant on petroleum products. If these market trends persist, consumers could see slight but meaningful reductions in transportation costs, helping ease the financial burden amid Ghana’s ongoing economic challenges.
