Consumers are expecting mixed results at the pump as global fuel prices fall, but the local currency’s depreciation threatens to offset any relief.
Despite a steady drop in Brent crude prices and refined petroleum product costs on the international market, the Ghanaian cedi’s 2.18% depreciation against the US dollar keeps fuel prices volatile.
According to a press release from the Institute for Energy Security (IES), the fuel cost in Ghana increased for the third time this year during the first pricing window in February 2025.
Gasoil prices increased by GH₵0.45 per litre, while gasoline prices increased by GH₵0.24, resulting in national average prices of GH₵15.61 and GH₵15.65, respectively.
Liquefied Petroleum Gas (LPG) remains expensive at GH₵18.79/kg. Consumers are left looking for the most affordable options, with Benab, Star Oil, and Zen Petroleum being identified as the lowest-cost providers.
Globally, Brent crude fell 5.65% during the pricing period, closing at $74.74 per barrel. Refined product prices followed suit, with gasoline falling by 4.50%, gasoline by 1.26%, and LPG by 0.22%.
While such declines typically result in lower local fuel prices, the Institute says Ghana’s worsening exchange rate threatens to erode these benefits.
As the second pricing window of February approaches, the Institute for Energy Security (IES) predicts mixed market reactions.
While global trends suggest that liquid fuel prices may fall, the Cedi’s depreciation may limit the full impact.
Meanwhile, LPG prices are expected to stay unchanged. For Ghanaian motorists and households, relief at the pump remains uncertain as currency volatility continues to influence fuel prices.
