Drivers and businesses across Ghana can breathe a little easier as fuel prices take a dip in the second pricing window of February 2025. In a surprising but welcome turn, major fuel providers, including Shell, GOIL, Total, and Star Oil, have lowered their prices, giving some relief to consumers battered by months of rising costs.
However, not all fuel stations have followed with price reductions, as some maintain their previous rates despite global trends signaling a decline.
At Shell, petrol now sells at GH₵15.89 per litre, down from GH₵16.23, while diesel has dropped to GH₵15.99 from GH₵16.09. GOIL has also made reductions, pegging its prices at GH₵15.65 for petrol and GH₵15.79 for diesel.
Total Ghana, which had previously priced both petrol and diesel at GH₵16.15, has now brought them down to GH₵15.99. Star Oil, known for offering competitive rates, adjusted its prices slightly, selling both petrol and diesel at GH₵15.27, down from GH₵15.37.
Before any excitement, not all fuel stations are passing the savings on to consumers. Some, including Allied, Benab, Viggo Energy, Bloom Petroleum, and IBM Petroleum, have kept their prices unchanged, leaving drivers wondering whether they’ll see any relief at their preferred pumps.
These price drops are in line with predictions from the Institute for Energy Security (IES), which had earlier forecasted a slight reduction in fuel prices due to falling global market prices for refined petroleum products.
However, the Ghanaian cedi’s continued depreciation against the US dollar – losing 2.18% of its value since the start of the year- has kept expectations in check.
To maintain some level of pricing fairness, the National Petroleum Authority (NPA) has stepped in with a price floor policy, effective February 16 to 28. This means fuel retailers cannot sell below GH₵12.56 per litre for petrol, GH₵13.45 per litre for diesel, and GH₵14.26 per kilogram for Liquefied Petroleum Gas (LPG).
This move is aimed at preventing price undercutting in the petroleum sector, but it also raises questions about how much control market forces truly have in Ghana’s deregulated fuel sector.
Meanwhile, the government has concluded high-level discussions with the IMF, focusing on economic stability and the energy sector. The talks addressed key issues such as power sector debt, revenue collection, and fiscal discipline. With the 2025 Budget set to be presented in March, these negotiations could have a significant impact on Ghana’s economic direction, and possibly fuel prices, in the months ahead.
For now, motorists can enjoy the small relief at the pumps, but the big question remains: Is this just a temporary dip, or are we looking at a longer period of fuel price stability?
