Fuel prices in Ghana are expected to see a marginal increase at the pumps starting Wednesday (2 April), reports say.
Petrol prices are projected to rise by 2%, reaching GHC 15.20 per liter, while diesel is expected to increase by 1.1% to GHC 15.35 per liter, myjoyonline.com first reported.
However, Liquefied Petroleum Gas (LPG) will see a slight decrease of 0.3%, bringing the price per kilogram to GHC 17.30. The adjustments come after three consecutive reductions in fuel prices over the past month.
The main factor driving the increase is the rising cost of crude oil on the international market.
Global oil prices have edged up due to supply constraints linked to U.S. sanctions and trade policies affecting major oil-producing nations such as Iran and Venezuela. Over the pricing period, crude oil prices have increased by 0.86%, with oil currently trading at around $74 per barrel.
Interestingly, this adjustment is not due to a depreciation of the cedi—a common factor in previous price hikes. The currency has remained relatively stable against the US dollar, even appreciating by 0.07% in the last week of March, aided by Bank of Ghana interventions.
Despite the expected increases, some Oil Marketing Companies (OMCs) may choose to keep prices unchanged due to market competition and consumer demand concerns.
Industry experts say fuel price hikes often lead to a drop in demand, prompting some OMCs to take a wait-and-see approach before adjusting their prices.
While some fuel stations are expected to implement the new prices from 2 April, others may hold onto current rates in an effort to retain customers.
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