Ghanaians can expect a mixed bag of changes in fuel prices at the pumps from Saturday, February 1, 2025.
According to projections from the Chamber of Petroleum Consumers (COPEC), petrol prices are expected to decrease slightly, while diesel and liquefied petroleum gas (LPG) prices will see an uptick.
COPEC’s analysis attributes the price adjustments to global crude price hikes and a depreciating cedi. The price of petrol is projected to drop by 2.93% from the current mean price of GHS15.141 per litre to GHS14.697 per litre.
In contrast, diesel prices will rise by 3.00%, increasing from GHS15.407 per litre to GHS15.869 per litre. LPG prices will also climb, with a 4.26% increase pushing the price to GHS17.224 per kilogram.
The anticipated price changes follow a 5.68% surge in global crude oil prices, which have moved from $76.72 per barrel to $81.08 per barrel. Additionally, the Ghanaian cedi has depreciated against the US dollar, moving from GHS14.85/$1 to GHS15.09/$1 (-1.58%), further impacting local pump prices.
The breakdown of projected fuel prices is as follows:
- Petrol: GHS13.96 – GHS15.43 per litre
- Diesel: GHS15.08 – GHS16.66 per litre
- LPG: GHS16.36 – GHS18.08 per kilogram
COPEC argues that some Oil Marketing Companies (OMCs) overpriced petrol in the previous pricing window, making a price correction necessary.
The advocacy group is urging the government to reconsider the tax burden on petroleum products, particularly LPG, which is crucial for reducing dependence on firewood and mitigating environmental degradation.
Currently, taxes and levies account for approximately 21.34% of petrol and diesel prices, a figure COPEC believes should be reviewed to ease consumer burdens.
The group is also calling for the revitalisation of the Tema Oil Refinery (TOR) to reduce reliance on imported refined petroleum, which increases price volatility and the risk of fuel adulteration.
Source: OccupyGh.com
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