Ghanaians will have to brace for higher fuel costs as petroleum prices are expected to rise from today, with Liquefied Petroleum Gas (LPG) witnessing the steepest increase.

According to internal data seen by JoyBusiness, petrol and diesel prices are set to go up by approximately 2% per litre, while LPG could see a significant jump of 4.6% per kilogram.

Petrol prices are projected to increase by 1.9%, pushing the cost per litre to around ¢15.72. Diesel is expected to rise by 2.1%, bringing its price to ¢16.60 per litre.

However, LPG will see the highest surge, with an anticipated 4.6% jump, taking the price per kilogram to approximately ¢18.20.

While these figures serve as a guide for Oil Marketing Companies (OMCs), it remains uncertain whether all industry players will adopt the new pricing. The competitive nature of the market may lead some OMCs to adjust prices at their discretion.

The price hikes have been largely attributed to increasing crude oil prices on the international market and the rising cost of finished petroleum products.

Additionally, the depreciation of the cedi—down by over 2% against the US dollar in January alone—has compounded the situation, making fuel imports more expensive.

As consumers adjust to the new prices, the burden on households and businesses reliant on fuel and LPG is expected to increase, sparking concerns over the broader economic impact of these adjustments.