Prices of petrol, diesel to go down; LPG to remain unchanged – IES

The prices of petrol and diesel are likely to go down marginally in the second price window beginning February 16, 2025.

However, the price of Liquified Petroleum Gas (LPG) is likely to remain unchanged.

According to a forecast by the Institute for Energy Securities, this is due to a reduction in prices of finished products on the international market despite a 2.18% year-to-date depreciation of the cedi to the dollar.

World Oil Market

Brent crude prices remained within the $70 per barrel range, declining steadily over the later days of the first pricing-window for February 2025.

Before the U.S. Energy Information Administration (EIA) report on February 7, Brent traded at $75.93 per barrel but fell to $75.85 afterward due to rising U.S. crude oil inventories and seasonal trends.

By the end of the pricing-window, Brent crude dropped to $74.74 per barrel from $81.08, marking a 5.65% decline, with a bi-weekly average of $75.38 per barrel.

World Fuel Market

Monitoring of petroleum price performance data published by Standard & Poor’s (S&P’s) Platts for the first half of February 2025 shows a decline in prices, reflecting trends on the global oil market. Specifically, the data indicates that the closing price of petrol stood at $722.17 per metric tonne, diesel at $708.67 per metric tonne, and LPG at $622.46 per metric tonne.

Local Fuel Market Performance

The first pricing-window of February 2025 saw upward price adjustments of petroleum products on the local fuel market.

Prices of liquid fuels increased for the third time since the beginning of the year. In the first half of February, the price per litre of liquid fuels increased by GH₵0.45 for diesel and GH₵0.24 for petrol.

Using purposive price sampling from Oil Marketing Companies (OMCs), the IES computation of the national average price for the three refined petroleum products during the first pricing-window of February 2025 shows that petrol and diesel were sold at GH₵15.61 and GH₵15.65 per litre respectively, while liquefied petroleum gas (LPG) was priced at GH₵18.79 per kilogramme