Ghanaian consumers are facing another fuel price hike as oil marketing companies (OMCs) adjust prices upwards in the first pricing window of February 2025.
This marks the third consecutive increase this year, despite recent assurances from the Acting Chief Executive Officer of the National Petroleum Authority (NPA), Edudzi Tameklo, that measures were being put in place to stabilize fuel costs.
During his media engagement last week, Tameklo reassured consumers that efforts were underway to mitigate the impact of price fluctuations.
However, the latest price adjustments tell a different story, with major fuel retailers increasing prices once again.
Shell for example has raised the price of petrol from GH₵15.59 per litre in late January to GH₵16.23, while diesel now sells at GH₵16.20, up from GH₵15.79 per litre. Star Oil has maintained its petrol price at GH₵14.99, but diesel has increased from GH₵14.99 to GH₵15.37 per litre.
The Chamber of Petroleum Consumers (COPEC) had earlier predicted a slight price hike, citing rising global crude oil prices and the continued depreciation of the cedi as key contributing factors. Brent crude oil, which influences local fuel prices, has been trading above $80 per barrel, while the Ghanaian cedi continues to weaken against the US dollar, increasing import costs for fuel suppliers.
Consumers and businesses are growing increasingly concerned about the persistent price hikes, which are expected to have a ripple effect on the cost of goods and services.
Many are calling on the government and the NPA to implement sustainable solutions to curb fuel price volatility.
With the next pricing window approaching in mid-February, industry watchers will be monitoring whether prices will stabilize or continue on an upward trajectory.
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