Petrol and Diesel Prices Expected to Dip; LPG Stable
Fuel Price Relief: Petrol, Diesel Down Expected
- IES predicts a slight decrease in petrol and diesel prices in Ghana
- Global oil market trends show Brent crude oil prices declining
- Ghana's local fuel market saw price increases in the first half of February
The Institute for Energy Securities (IES) predicts a slight decrease in petrol and diesel prices in Ghana during the second pricing window starting February 16, 2025.
LPG prices, however, are expected to remain unchanged.
This forecast is based on lower international prices for refined petroleum products, offsetting the impact of the cedi’s 2.18% depreciation against the dollar this year.
Global oil market trends show Brent crude oil prices declining throughout the first half of February, ending at $74.74 per barrel, down from $81.08.
Global fuel prices tracked by S&P’s Platts also reflected this downward trend, with petrol closing at $722.17 per metric tonne, diesel at $708.67, and LPG at $622.46.
Despite these global decreases, Ghana’s local fuel market saw price increases in the first half of February, with petrol rising by GH₵0.24 per litre and diesel by GH₵0.45.
The IES’s calculated national average prices during this period were GH₵15.61 per litre for petrol, GH₵15.65 for diesel, and GH₵18.79 per kilogramme for LPG.
