The Institute for Energy Security (IES) has projected a significant reduction in fuel prices in the coming days, attributing the decline to falling global petroleum prices and a slowed depreciation of the Ghanaian Cedi.
According to IES’s review of the first pricing window of March 2025, gasoline, gasoil, and liquefied petroleum gas (LPG) prices saw relative stability, with minor reductions recorded by a few Oil Marketing Companies (OMCs).
The national average prices stood at GH₵15.45 per litre for gasoline, GH₵15.50 for gasoil, and GH₵18.79 per kilogram for LPG.
A surplus in crude oil supply, particularly from U.S. shale production and OPEC, has led to bearish market conditions. Reports indicate that crude oil supply is outpacing demand by 600,000 barrels per day, pushing Brent crude prices to a biweekly average of $69.92 per barrel. Standard & Poor’s (S&P) Platts data also showed a sharp decline in global petroleum product prices:
• Gasoline fell 9.00% from $709.66 to $645.81 per metric tonne.
• Gasoil dropped 6.33% from $720.16 to $674.56 per metric tonne.
• LPG declined 8.98% from $609.34 to $554.64 per metric tonne.
Additionally, Ghana’s currency showed a slowed depreciation of 0.19% against the U.S. dollar, closing at GH₵15.61 per USD.
Based on these market conditions, IES predicts substantial reductions in local fuel prices for the second pricing window of March 2025:
• Gasoline – Expected to decrease by 4.5%
• Gasoil – Expected to decrease by 3.2%
• LPG – Expected to decrease by 4.5%
The report suggests that the Ghanaian government could take advantage of this price decline by building strategic fuel reserves to ensure price stability in the future.
