Prices of petroleum products are expected to go down marginally at the pumps from April 16, 2025. This is based on the pricing outlook report that guides the price quotes of Oil Marketing Companies in the country.
Price dynamics
The price of petrol is expected to reduce by 1.5 percent, resulting in a litre going for GH₵14.88.
Price of diesel is also expected to go down by 0.3 percent, selling at GH₵15.50.
A kilogram of Liquefied Petroleum Gas (LPG) will also go down by 0.3 percent, selling at GH₵17.45.
If the over 100 Oil Marketing Companies reduce their prices at the pumps as projected, this will be the fifth consecutive decline in prices of petroleum products since February 2025.
Reasons
The projected decline has been influenced by the continuous reduction in price of crude oil on the international market over the past weeks.
The price of crude oil dropped from US$72 a barrel a few weeks ago. It is currently trading at around US$64 a barrel.
In addition, prices of finished petroleum products have been going down on the international market.
Diesel went down by 3.72 percent and LPG plummeted sharply to 9.61 percent.
Implications
The recent developments on the market should have led to negotiations and discussions between government and transport operators for some reduction in transport fares.
However, officials of the Ghana Private Road Transport Union (GPRTU) have told JOYBUSINESS that, a reduction in fuel prices is not the only indicator that influences transport fares.
They cite, cost of insurance, and prices of spare parts as a major factor.
According to the GPRTU, the union expects fuel prices to drop to GH₵12 per litre before prices could be reduced at the pumps.
The development could also help in reducing the cost living in the country, since prices have been declining since February.
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