Petroleum prices at the pump are set to decrease slightly starting April 16, 2025, as global crude oil prices continue to fall. According to a pricing outlook report that guides Oil Marketing Companies (OMCs), this marks the fifth consecutive price drop since February.
Petrol is expected to drop by 1.5%, with a litre now going for GH₵14.88. Diesel prices will dip marginally by 0.3%, selling at GH₵15.50 per litre. Similarly, Liquefied Petroleum Gas (LPG) will see a 0.3% reduction, bringing the price per kilogram to GH₵17.45.
These reductions come amid a steady decline in global crude oil prices, which have fallen from about US$72 per barrel to around US$64. Additionally, finished petroleum products such as diesel and LPG have also seen notable drops of 3.72% and 9.61% respectively on the international market.
Despite the downward trend in fuel costs, the Ghana Private Road Transport Union (GPRTU) says transport fares will remain unchanged for now. The union argues that other operational costs including insurance and spare parts must also be factored into any fare adjustment. They insist that fuel prices would need to fall further, to around GH₵12 per litre, before fare reductions are considered.
Nevertheless, the continuous dip in fuel prices is expected to ease inflationary pressures and slightly reduce the cost of living across the country.