As of today, motorists in Ghana can expect a rise in fuel prices at the pump, according to the most recent Pricing Outlook Report shared with JoyBusiness. This increase follows a period of three successive reductions in fuel prices over the past month.
Reports gathered by Ghana Insider indicates that, petrol prices are anticipated to see a rise of 2%, bringing the cost per liter to GHC 15.20. Also, diesel prices will rise, but by a smaller margin of 1.1%, reaching GHC 15.35 per liter.
On the other hand, consumers of Liquefied Petroleum Gas (LPG) will experience a minor decrease of 0.3%, with prices falling to GH¢17.30 per kilogram.
What’s Behind the Fuel Price Hike?
The increase in crude oil prices on the international market is the primary factor for this price adjustments.
Global benchmarks have risen due to supply constraints linked to U.S. sanctions and trade policies affecting major oil-producing countries such as Iran and Venezuela.
Over the recent pricing window, crude prices have dramatically climbed by 0.86%, currently trading at approximately $74 per barrel.
Ghana Insider has observed that, this price hike is not influenced by depreciation of the cedi, which has remained relatively stable against the US dollar.
It is worth noting that, the cedi appreciated by 0.07% in the final week of March, credit to measures taken by the Bank of Ghana.
OMCs Taking Different Approaches – Crude Prices
As it stands now, not all Oil Marketing Companies (OMCs) are willing to embark on increasing their prices or let these price adjustments impact their current prices.
Some OMCs have indicated they might keep their prices steady despite the forecasted increases. Market competition and consumer demand play a crucial role in their decision-making processes.
In addition, Industry insiders suggest that each price increase can lead to a drop in demand, prompting some companies to take a cautious stance before adjusting their rates. Some may increase their prices today, while others may choose to retain current pricing strategies to maintain customer loyalty.
