Fuel Prices to Experience Minor Shifts from February 1, 2025 – COPEC
Ghanaian consumers can expect slight adjustments in fuel prices starting February 1, 2025, according to the Chamber of Petroleum Consumers (COPEC). While diesel and liquefied petroleum gas (LPG) prices are set to rise, petrol prices are projected to see a modest decline.
COPEC attributes these changes to a combination of factors, including rising global crude oil prices and the depreciation of the Ghanaian cedi against the US dollar. Global crude oil prices have increased by 5.68%, climbing from 76.72to76.72to81.08 per barrel. Meanwhile, the cedi has weakened against the dollar, moving from GHS14.85 to GHS15.09, representing a 1.58% depreciation.
Projected Price Adjustments:
- Petrol: Prices are expected to drop by 2.93%, decreasing from GHS15.141 to GHS14.697 per litre.
- Diesel: Prices are projected to rise by 3.00%, increasing from GHS15.407 to GHS15.869 per litre.
- LPG: Prices are estimated to increase by 4.26%, reaching GHS17.224 per kilogram. This would bring the cost of a 14.5kg cylinder to approximately GHS249.74.
Based on current market trends, petrol prices at the pump are expected to range between GHS13.96 and GHS15.43 per litre, diesel between GHS15.08 and GHS16.66 per litre, and LPG between GHS16.36 and GHS18.08 per kilogram.
COPEC has pointed out that some Oil Marketing Companies (OMCs) overpriced petrol during the previous pricing window, necessitating a correction. The group is also urging the government to review taxes on petroleum products, particularly LPG, to promote its use over firewood and help mitigate environmental degradation. Currently, taxes and levies account for approximately 21.34% of petrol and diesel prices. COPEC believes that reducing these taxes could alleviate some of the financial pressure on consumers.
In addition to tax reforms, COPEC has reiterated its call for the revival of the Tema Oil Refinery (TOR). The group argues that reviving TOR would reduce Ghana’s reliance on imported refined petroleum products, which contribute to price volatility and the risk of fuel adulteration. By boosting local refining capacity, COPEC believes the country can achieve greater price stability and energy security.
These upcoming price adjustments highlight the ongoing challenges in Ghana’s fuel market, driven by global and local economic factors. COPEC’s recommendations aim to create a more sustainable and consumer-friendly energy landscape in the country.
