Fuel prices to see marginal adjustments from February 1 – COPEC

Prices of petroleum products in Ghana are set to experience marginal changes from February 1, 2025, according to projections from the Chamber of Petroleum Consumers (COPEC).

The adjustments will see an increase in diesel and liquefied petroleum gas (LPG) prices, while petrol prices are expected to drop slightly.

COPEC attributes these changes to 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%, moving from $76.72 per barrel to $81.08 per barrel, while the cedi has depreciated from GHS14.85/$1 to GHS15.09/$1 (-1.58%).

Projected Fuel Price Adjustments

• Petrol: Expected to decrease by 2.93%, from GHS15.141 per litre to GHS14.697 per litre.
• Diesel: Projected to rise by 3.00%, increasing from GHS15.407 per litre to GHS15.869 per litre.
• LPG: Estimated to increase by 4.26%, reaching GHS17.224 per kilogram, making a 14.5kg cylinder cost around GHS249.74.

Based on market trends, petrol prices at the pump are expected to range between GHS13.96 – GHS15.43 per litre, diesel between GHS15.08 – GHS16.66 per litre, and LPG between GHS16.36 – GHS18.08 per kilogram.

COPEC argued that some Oil Marketing Companies (OMCs) overpriced petrol in the previous pricing window, necessitating a price correction. They are also urging the government to review taxes on petroleum products, particularly LPG, to encourage its use over firewood and help curb environmental degradation.

Currently, taxes and levies account for about 21.34% of petrol and diesel prices. COPEC believes a tax reduction could help ease the financial burden on consumers.

The advocacy group also renewed its call for the revival of the Tema Oil Refinery (TOR) to reduce dependence on imported refined petroleum products, which contribute to price volatility and the risk of fuel adulteration.

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