In the second pricing window of December 2024, fuel prices in Ghana have experienced mixed changes, with petrol prices increasing and diesel prices seeing slight reductions.
At Shell, petrol prices have risen from GHS 14.99 per litre to GHS 15.30, while diesel has decreased marginally from GHS 15.72 to GHS 15.66. Allied Oil has also adjusted its prices, with petrol increasing from GHS 13.95 to GHS 14.20, and diesel dropping slightly from GHS 14.95 to GHS 14.94.
Earlier, some experts had predicted a potential decline in fuel prices, citing factors such as a fall in China’s demand for crude oil. However, the current trend in Ghana’s fuel prices appears to defy these expectations. The increase in petrol prices, despite global indicators suggesting a potential for price reductions, has left consumers concerned and puzzled.
Experts suggest that local factors, including the performance of the Ghanaian cedi against major currencies and specific supply chain considerations, though improving may be contributing to these price adjustments.
As the festive season approaches, the rise in petrol prices is particularly worrisome for consumers, especially transport operators and private vehicle owners who are already facing increased expenses.
The slight reduction in diesel prices offers minimal relief to sectors dependent on diesel, such as logistics and public transportation. However, the reduction is so marginal that its impact on overall operational costs is negligible.
Other major oil marketing companies, including GOIL and TotalEnergies, have yet to announce their price adjustments for this pricing window. Industry observers anticipate that these companies may align with the current trend, potentially leading to further price increases in the coming days.
For the average Ghanaian, these fuel price adjustments contribute to the growing concern over the rising cost of living. Increases in fuel prices often have a ripple effect, leading to higher transportation fares and increased prices for goods and services, thereby straining household budgets.
Experts warn that if global oil prices remain volatile and the cedi depreciates, consumers may face even higher fuel prices in the near future.
