Consumers are bracing for mixed outcomes at the pumps as global fuel prices decline, but the local currency’s depreciation threatens to offset potential relief.
Despite a steady drop in Brent crude prices and refined petroleum product costs on the international market, the Ghanaian Cedi’s 2.18% fall against the U.S. Dollar is keeping fuel prices volatile.
According to a press release by the Institute for Energy Security (IES) the first pricing window of February 2025, the cost of fuel in Ghana surged for the third time this year.
Gasoil rose by GH₵0.45 per litre, while Gasoline increased by GH₵0.24 per litre, pushing national average prices to GH₵15.61 for Gasoline and GH₵15.65 for Gasoil.
Liquefied Petroleum Gas (LPG) also remained expensive at GH₵18.79 per kilogram. Consumers have been left seeking the most affordable options, with Benab, Star Oil, and Zen Petroleum identified as offering the lowest prices.
Globally, Brent crude dropped by 5.65% during the pricing period, closing at $74.74 per barrel. Prices for refined products followed suit, with Gasoil falling by 4.50%, Gasoline by 1.26%, and LPG by 0.22%.
While such declines typically translate to lower fuel prices locally, Ghana’s worsening exchange rate threatens to erode these benefits, the Institute said.
With the second pricing window of February approaching, the Institute for Energy Security (IES) predicts mixed reactions in the market.
While a decrease in liquid fuel prices is possible due to global trends, the depreciation of the Cedi may limit the full impact.
Meanwhile, LPG prices are expected to remain unchanged. For Ghanaian motorists and households, relief at the pumps remains uncertain as currency instability continues to influence fuel pricing.
