Fuel prices are anticipated to experience a slight increase starting today, February 1, 2024, according to the Institute for Energy Securities.

This adjustment is attributed to a marginal rise in the cost of finished petroleum products and the depreciation of the Ghanaian cedi.Specifically, the price of petrol and Liquefied Petroleum Gas (LPG) is expected to increase by 2%, while the price of diesel will see a 3% rise.

“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," Global Standard & Poor (S&P) Platts reported.

As of January 26, 2024, the Global Standard & Poor (S&P) Platts platform reported an increase in prices for all refined petroleum products. Petrol closed trade at $800.84 per metric tonne, diesel at $807.14 per metric tonne, and Liquefied Petroleum Gas (LPG) at $535.41 per metric tonne in the second pricing window for January 2024.

Comparatively, there was a 2.93% increase in the price of petrol, a 4.79% increase in the price of diesel, and a 2.44% increase in the price of LPG based on refined price data.

While diesel prices remained relatively stable in the second pricing window, the Institute for Energy Securities (IES) observed that some Oil Marketing Companies (OMCs) reviewed the price of petrol downwards by an average of GH¢0.11 per litre, while diesel and LPG prices remained unchanged.

The average prices for the petroleum products during this period were GH¢11.82 for petrol, GH¢12.74 for diesel, and GH¢13 per kilogramme (kg) for LPG. These fluctuations reflect the dynamics of global oil prices and their impact on the local fuel market.