Tuesday, 27 January

Fuel prices to rise as petrol, diesel, LPG costs increase

February 03, 2025
Business
Pumps

Ghanaians should brace for higher fuel prices starting today, with Liquefied Petroleum Gas (LPG) experiencing the steepest hike, according to internal data cited by Classfmonline.com.

Petrol and diesel prices are projected to increase by approximately 2% per litre, while LPG is expected to see a significant 4.6% rise per kilogram.

Petrol will rise by 1.9%, pushing the price per litre to around ¢15.72. Diesel is set to increase by 2.1%, bringing the cost to ¢16.60 per litre. LPG will see the highest jump of 4.6%, reaching approximately ¢18.20 per kilogram.

While these figures serve as a benchmark for Oil Marketing Companies (OMCs), it remains uncertain whether all industry players will fully adopt the new pricing, as competition may lead to varied adjustments.

The hikes have been largely attributed to:

Rising crude oil prices on the international market. Higher costs of finished petroleum products. The depreciation of the cedi, which has lost over 2% of its value against the US dollar in January alone, makes fuel imports more expensive.

As fuel prices climb, households and businesses dependent on petrol, diesel, and LPG are expected to feel the impact, raising concerns over the broader economic effects of these adjustments.

Source: Classfmonline.com/Cecil Mensah

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