Fuel prices are expected to go up marginally, beginning tomorrow February 1, 2024, the Institute for Energy Securities has stated.

This is due to a marginal increase in the price of finished petroleum products and the depreciation of the cedi.

Whilst the price of petrol and Liquefied Petroleum Gas will go up by 2% that of diesel will also increase by 3%.

“In the coming days, consumers going to the pumps are likely to see the following changes: an increase in the price of Gasoline [petrol] by 2%, 3% increase in price Gasoil [diesel] and 2% increase in LPG price largely as a combined effect of the Ghana cedi depreciation and the international market price rise for the products”.

World fuel market

According to the Global Standard & Poor (S&P) Platts platform, the price increment has been recorded for all refined petroleum products as of January 26, 2024.

Petrol closed trade at $800.84 per metric tonne. Diesel on the other hand traded at $807.14 per metric tonne, and LPG traded at $535.41 per metric tonne in the second pricing-window for January 2024.

A comparative analysis of the refined price data indicates an increase of 2.93%, 4.79%, and 2.44% for petrol, diesel and LPG.

Local fuel market performance

The second pricing-window saw some relatively stability in diesel on the local fuels market.

The continuous monitoring of Oil Marketing Companies (OMCs) by the IES on the market revealed that prices remained unchanged for the two main liquid fuels in the first week of the pricing- window. However, few of them reviewed the price of petrol in the second week.

The price data gathered indicates that the price of petrol was reviewed downwards by an average of GH¢0.11 per litre whereas diesel and LPG prices remained unchanged.

The average prices of the petroleum products were petrol-GH¢11.82, diesel-GH¢12.74 and LPG at GH¢13 per kilogramme (kg).