Ghanaian consumers face continued volatility at the fuel pumps despite a decline in global oil prices, as the depreciation of the cedi erodes potential relief.
Brent crude fell 5.65% during the first pricing window of February, settling at $74.74 per barrel.
Refined petroleum product prices followed suit, with Gasoil falling by 4.50%, gasoline by 1.26%, and Liquefied petroleum gas (LPG) by 0.22%.
However, the Ghanaian cedi weakened by 2.18% against the US dollar over the same period, keeping domestic fuel prices on an upward trajectory.
According to the Institute for Energy Security (IES), fuel prices in Ghana surged for the third time this year.
The national average price for gasoline rose by GH₵0.24 per litre to GH₵15.61, while Gasoil increased by GH₵0.45 per litre to GH₵15.65.
LPG remained costly at GH₵18.79 per kilogramme.
Consumers are seeking the most affordable options, with Benab, Star Oil, and Zen Petroleum identified as offering the lowest prices.
With the second pricing window of February approaching, the IES anticipates mixed movements in the market.
While global trends suggest a possible decline in liquid fuel prices, the cedi’s depreciation may limit any significant relief. Meanwhile, LPG prices are expected to remain stable.
