Petroleum prices at the pumps are set for a slight adjustment when the next pricing window begins on Saturday, February 1, 2025, with diesel and liquefied petroleum gas (LPG) prices expected to rise, while petrol prices are anticipated to decrease slightly.
According to projections from the Chamber of Petroleum Consumers (COPEC), global crude oil price increases and a depreciating Ghanaian cedi are the primary factors influencing the price changes.
COPEC’s analysis indicates that, barring any unforeseen fluctuations in international petroleum prices, petrol prices will see a modest reduction of 2.93 percent, dropping from the current mean price of GH¢15.141 per litre to GH¢14.697 per litre.
In contrast, diesel is expected to rise by 3.00 percent, from GH¢15.407 per litre to GH¢15.869 per litre.
LPG prices will also see an increase of 4.26 percent, pushing the price to GH¢17.224 per kilogram. This means that a 14.5kg LPG cylinder will be sold at approximately GH¢249.74.
These changes follow a 5.68 percent increase in global crude oil prices, which have risen from $76.72 per barrel to $81.08 per barrel.
Additionally, the Ghana cedi has depreciated against the US dollar from GH¢14.85/$1 to GH¢15.09/$1, a 1.58% drop, further contributing to the increase in local pump prices.
Based on these projections, petrol prices are expected to fall within the range of GH¢13.96 – GH¢15.43 per litre in the upcoming pricing window.
MA