Prices of petroleum products are expected to see marginal increases at the pumps starting today, April 2.

This is based on the latest Pricing Outlook Report obtained by JoyBusiness, which guides Oil Marketing Companies (OMCs) from April 1 to April 15, 2025.

According to the report, petrol prices are projected to rise by 2%, bringing the price per liter to GHC 15.20, while diesel will increase by 1.1% to GHC 15.35 per liter.

However, there is a slight relief for Liquefied Petroleum Gas (LPG), which is expected to drop marginally by 0.3%, with a kilogram selling at GH¢17.30.

These price adjustments come after three consecutive reductions in fuel prices over the past month.

What’s Causing the Increase?

The main driver behind the price hike is rising crude oil prices on the international market.

Global oil prices have climbed due to supply constraints caused by U.S. sanctions and trade policies affecting key oil-producing nations like Iran and Venezuela.

Over the pricing window, crude oil prices have increased by 0.86%, with oil currently trading around $74 per barrel.

Interestingly, this expected price hike is not due to cedi depreciation, a rare occurrence in recent times.

In fact, the cedi has remained fairly stable against the US dollar throughout March, even appreciating by 0.07% in the last week of the month, thanks to interventions by the Bank of Ghana.

OMCs Divided on Price Adjustments

Despite the expected increases, some Oil Marketing Companies have hinted to JoyBusiness that they may keep prices unchanged. The reason? Market competition and consumer demand.

Industry players acknowledge that each time prices rise, demand drops, leading some OMCs to adopt a wait-and-see approach before making price adjustments.

As a result, while some OMCs will increase prices from April 2, 2025, others may hold onto current rates to retain customers.