Starting from today July 1, 2024, Ghanaians will face a hike in fuel prices, as reported by the Institute for Energy Security (IES). Petrol prices are projected to rise by 2%, while diesel prices will increase by 4%, and Liquefied Petroleum Gas (LPG) will see a 5% jump.
The IES attributes this rise to two main factors: the depreciation of the Ghanaian cedi against the US dollar and the climbing prices of finished petroleum products on the global market.
"Due to the negative price changes recorded internationally and the consistent fall of the Ghana cedi (-1.85%), local fuel prices are expected to surge," the IES stated. The Institute anticipates these increases to take effect in the first half of July, driven by the ongoing challenges in both the international fuel market and the domestic fuel market.
In the second pricing window of June 2024, IES monitoring revealed a notable rise in global fuel prices. The Standard & Poor's (S&P) Platt's data indicated that petrol prices closed at $816.61 per metric tone, diesel at $778.32 per metric tone, and LPG at $477.80 per metric tone. This translates to an increase of 1.45% for petrol, 6.84% for diesel, and 9.03% for LPG.
On the domestic front, the second pricing window for June 2024 saw relatively stable prices from Oil Marketing Companies (OMCs). Petrol and diesel were sold at GH₡14.26 and GH₡14.06 per liter, respectively, while LPG was priced at GH₡15.96 per kilograms.
As the new pricing window approaches, Ghanaians should prepare for the impact of these price hikes on their daily expenses and overall cost of living.